Long term capital gain

Sales consideration = Rs. 18,50,000/-

Less cost of acquisition = Rs. 425,000/-

CII cost of acquisition = 852/ 331 x 425,000/- = 10,93,957 

Long term capital gain = Rs. 18,50,000 - Rs. 10,93,957 = 756,043/-

Long term capital gain tax = Rs. 756,043 x 20.36% = 153,930/-

plz confirm if or not the possession of the old house is transfrd to the buyer...

also, ur wife can claim exemption with regard to the new house u/s 54

Hi Sampath

If the old flat is in possession of the buyer,ur wife can claim exemption..

Please refer to my article on the below web page for more clearity and hidden clauses on sec 54 on Capital Gain:-

/articles/summary-on-section-54-exemption-capital-gain-with-case-law-17849.asp