Hi,
if res property purchase on 1987 cost Is 100000 and sale 2019 cost is 2000000 witch index applicable or how i calculate LTCG. please suggest me. give me index cost with example.
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If res property pur on 1987 and sale 2019 how i calculate Long Term Capital Gain.
Replies (2)
Hello
for this you have to take indexation from year 2001 as base year (100) so you mentioned it as purchased for 100000 so indexed cost ov acquisition will be
100000*289/100 that will be 289000 and ltcg will be 1711000 which will be taxed at 20% rate = 342200
for this you have to take indexation from year 2001 as base year (100) so you mentioned it as purchased for 100000 so indexed cost ov acquisition will be
100000*289/100 that will be 289000 and ltcg will be 1711000 which will be taxed at 20% rate = 342200
Calculate the fmv of the property as on 1/4/2001 instead of your purchase value and take that value as cost of accquisition for indexation and follow the steps as explained by Mr Aman Verma
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