I bought a property in July 1994 for Rs. 1 lakh. I would like to know the tax liability after cost inflation indexation 1) If sold in March 2018. 2) If sold after March 2018, but before March 2019. Thanks.
Menu
Cost inflation indexation
Replies (8)
it will be calculated according to new cost inflation index based on 2001
Yes, but if it is bought in 1994, simply using a table with 2001 as base year will not help. In fact, that is why I need help to calculate the tax liability.
what to do you want brother
just take the FMV on 2001 as the cost of acquisition and index it
FMV will not be less than the cost of acquisition in any case
I don't want your theoretical knowledge. Since you know the subject, which I do not, please evaluate the tax liability (in Rs.) and tell me. This is what I want.
sabse pehele Fair market value nikalvao kisi registered valuer se for on the safe side phir us value ko index karo indexation table se
at last sales consideration me se jo indexed cost aayi hai minus kar do
yahi aapka gain ya loss hai
aapke case me aapne 1 lakh purchase value batayi hai vo kisi kaam ki nahi agar FMV usse jyada hai to
at last sales consideration me se jo indexed cost aayi hai minus kar do
yahi aapka gain ya loss hai
aapke case me aapne 1 lakh purchase value batayi hai vo kisi kaam ki nahi agar FMV usse jyada hai to
new index of capital gain applicable..in both cases
Related Topics
CAclubindia
