capital gain query

Tax queries 648 views 2 replies
Hi!
Please help..
Property purchased in Apr 06  for Rs 1271155.00
Constr. Aug 06 &  Sept 06  for Rs 505822.00
Constr. Mar 08 for Rs 250000.00
Constr. Mar 10  for Rs 224500.00
 
What will be the CG if it is sold in 25Lakhs and if in 30Lakhs or above in jun11?
Replies (2)

there would be long term capital loss

A. If Sale Consideration is Rs. 2500000

Sale Consideration = 2500000

COA = 1271155*711/519 = 1741409 

COI = 505822*711/519 + 250000*711/551 + 224500*711/632

        = 692947 + 322595 + 252562 = 1268104

Capital Gain/(Loss) = (509513) = Long Term (because period of holding is more than 36 months)

 

B. If sale consideration is Rs. 3000000

Sale Consideration = 3000000

COA (same as above) = 1741409

COI (same as above) = 1268104

Capital Gain/(Loss) = (9513) = Long Term Capital Loss


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