Female assessee having two commercial properties sold as under-
1) COA: Rs 328840 dated 11.01.2008 sold for Rs 450000 on 15.07.2011
2) COA: Rs 120000 dated 17.05.1994 sold for Rs 1460000 on 30.08.2011
and purchased a residential house property in dec 2011 for Rs 1215500
so,
for the 1st property there will be capital loss amounting to Rs 18493 (450000- 328840 * 785/551)
and for the second house property there will be capital gain amounting to Rs 183592 (1460000- 120000*785/259) - (1096293 * 1215500/1460000) (Is exemption u/s 54F available?)
Are these calculations correct??
And, net capital gain amounting to Rs 165099 be taxed at flat 20% rate or will be aggregated in total income of the assessee?
Please help in the matter as soon as possible.
CAclubindia
