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exemption u/s 54D

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BHAVIK

article

21 Points Posted on 15 May 2008

hello sir,

sir i have quary abt. exemption u/s54D (capital gain)

as per sec.54D A satis fied every things,as per compulsory acqusition his building sell out on29th Mar.2007, which purchased on20th july 2000,he recieve consideration on 10th Apr.2007,between that he has purchased a building on3rd apr.2007,

Quaries:-

1.How to compute long term capital gain? & does the purchase of asset is add in cost of acquisition ?

2.and how to treat it while file return on 5th apr 2007 or 12thApr,2007 or 30th september. &

how to calculate 6months for purchase of asset asper days then purchase day is include or not,?

Replies (2)

S.Srinivasaraghavan

Chief Financial Officer and Co

10628 Points Posted on 25 May 2008

Purchase of new asset is not to be added to the cost of acquisition of old asset.. What is the building he purchased? (House etc.,)

Gayathri Devi

CA Final

697 Points Posted on 26 May 2008

Long term capital gain is computed as follows :Consideration amount received less Indexed cost of acquisition and the balance is longterm capital gain.We want to calculate capital gain tax at a rate of 20%.The purchase day should be included from the date of transfer.