cost of property is 279560 bought in 1991 and sold for 10 lakhs in 2012. so according to indexation i get a capital loss of 196910. in my capital account will i show loss of 196910 or a profit of 720440????
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Capital gains
Replies (1)
Dear Krupa,
The books of accounts are always maintained on historical cost basis and have nothing to do with the benefits given under the Income Tax Act. thus, in the books the profit will be 10,00,000 - 279560 that is Rs.720440
- Ankit
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