I have received around Rs 55.00 Lakhs as my share in the sale of ancestral home. The long term capital gain was Rs 54.00 Lakhs. I have bought a 18 year old apartment for Rs 46.00 Lakhs within 2 years from the receipt of my share. I have paid capital gains tax for Rs 8.00 Lakhs. Before the end of three year period I have sold this apartment for Rs 49.00 Lakhs. What is implication of capital gains tax rules?
it will be taxed as short term capital gain.
cost of acquisition will be actual cost less exemption claimed earlier.
so it will Sales consideration of Rs 48 lac
Less: Cost of acquisution 48 Lac - 48 lac ie nil
so short term capital gain will be 48 lac.
Is your capital gain computed earlier is correct?.
bcoz ur share was 55 lac and capital gain was 48 lac
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