I have to find the indexed cost of my property, havinh following details:
Purchase Details:
Indexing:
1999-00 -> 151484*632/389 = 246113 (Plot with Registration Cost)
2000-01 -> 410912*632/406 = 639646 (Loan Disbursement + MAP Approval)
2000-01 -> 38735 *632/406 = 60297 (Interest on borrowed capital)
2001-02 -> 55035*632/426 = 81648(Interest on borrowed capital)
2002-03 -> 44960*632/447 = 63568(Interest on borrowed capital)
2003-04 -> 40000*632/463 = 54600(Interest on borrowed capital)
2004-05 -> 36905*632/480 = 48592(Interest on borrowed capital)
2005-06 -> 30000*632/497 = 38149(Interest on borrowed capital)
2006-07 -> 21572*632/519 = 26269(Interest on borrowed capital)
2007-08 -> 17930*632/551 = 20566(Interest on borrowed capital)
2008-09 -> 10899*632/582 = 11835(Interest on borrowed capital)
246113+639646+(393689) = 1279448
Sale Details:
29/12/2008 : Rs. 1,00,000/-
16/01/2009 : Rs. 6,00,000/-
30/04/2009 : Rs. 16,00,000/-
Total: Rs. 23,00,000/-
Transfer/Agreement/Registry is done in April 2009
Queries:
1) Total Indexed Cost
2) Interest on borrowed Capital (As a cost of Improvement) be taken into account for computing Indexed Cost? (Provided benefits of Section24 for interest is already availed)
a. If Yes, what would be the Capital gain for last three years interest, would it be considered in Short term or Long-term
3) What would be the CII be taken into account.
a. Is it for 2008-09
b. OR for 2009-10
i. If it is to be taken care for both the years, how the cost of acquisition/improvement be distributed in each year.
CAclubindia
