Capital gains query

 

Request you to provide answer for the question given below:-

X, a non resident remits $40000 to India on April 4, 1987. The amount is partly utilised in purchasing the following assets on April 10,1987.

Silver     10kg for   Rs30000

Shares in Indian Co.(unlisted)----- 2000 shares for Rs24000

X transfer these assets on June 10,2010 for total consideration of Rs. 850000( silver for Rs.70000; Shares for Rs. 780000).

Compute capital gains for AY 2011-12


The telegraphic transfer buying/ selling rate of US dollar adopted by SBI is as follows:-

 Buying(1 $)  ----   Rs. 17.50---- April 10,1987

                                Rs. 28.30---- June 10, 2010


Selling( 1$)----   Rs. 18.10---- April 10, 1987

                              Rs. 29.10---  June 10, 2010


 
Replies (2)

Hello...u can compute fr silver as we normally do...

fr shares..

 

Sale consideration- (as per abg rate on date of transfer)=  780000/{(28.3+29.1)/2} = 27177

COA= (as per avg rate on date of acquisition = 24000/{(17.5+18.1)/2}= 1348.3

 

long term capital gain= $25828.7 = on basis of bying rate on date of transfer= 25828.7*28.3= 730952

No indexation would be done fr shares...calculate fr silver separately..

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