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Capital gain on sale of land
92 cents land purchased on Aug-1998 for Rs. 22,30,000 /-
29.19 cents sold on Mar-2011 for Rs. 42,26,500/-
My Questions are:
1)Can the purchase value to be considered as Rs.7,07,540 (22.30 Lakh /92 cent)*29.19 cents
2)Can we calculate the capital gains under two method i.e. with indexing and without indexing
3)What will be the Capital gain tax amount
Replies (2)
1) yes the cost of sold portion will be 707540/- [(2230000*29.19)/92]
2) As the period of holding is more then 3 years so LTCG on sale of land will be Rs. 2793278/- [4226500-{(707540*711)/351}]
As asset is long term in nature, you can index the cost and this amount will be taxed @ 20%
2793278 @ 20%
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