Chartered Accountant
463 Points
Joined October 2009
capital asset includes property of any kind including jewellery , excludes rural agricultural land,gold bonds issued into by govt of india, special bearer bonds ,personal effect of movable property excluding jewellery, stock in trade,
hence, if there is transfer of capital asset it will subject to capital gain
morover, this is long term capital gain because it is held by assesse more than 36 months,
CG computed as follows
sale consideration - expenses on transfer=net cosideration
net consideration-indexed cost of aquisition=long term capital again before claiming relevent exemptions u/s 54
here indexed cost of aquisition = cost of aquisition*cost inflation index in the year of sale / cost inflation index in the year of aquisition