i m badly in need of answer for this question. help me. related to capitalgain.
Mr.A purchased a house property for Rs.5 lakhs in 01.01.1981. cost of improvement incurred is Rs.2 lakhs in jan 1986 & Rs.5 lakhs in september 1993. the house wa inherited by Mr.B on death of Mr.A on April2003. Mr.B transfers the house for a consideration of Rs.60lakhs in March 2010. Fair Market Value as on 1.4.81 is Rs.2lakhs. Expenditure incurred for the transfer is Rs.3.64 lakhs. Mr. B has purchased house plot for Rs.10 lakhs in may 2009 and incurs Rs.10 lakhs on construction of house on the said plot by june 2010. As the construction is still in progress, he requires to know the amount to be deposited in capital gain account scheme to avail full exemption of the capital gain.
i got long term capital gain after indexation benefits for acquistion and improvement as Rs.27,08,037. according to my workings ans comes to Rs.7,08,037 but in the book the ans is Rs.235868. so help me please...:((
CAclubindia
