COST PRICE OF A FLAT AT KOLKATA ON APRIL;2005 WAS RS 5,00,000/-AND SALE PRICE RS 20 LAC ON JULY'2016 AND MARKET PRICE WAS AT THAT TIME FOR SUCH FLAT 34,68/,812,REQUESTING TO COMPUTE THE TAX IN DETAILS AND ALSO EFFECT IN I.T.R 1
AS WELL AS ON ACCOUNT OF SALE TRANSACTION OF LOT OF SHARES,RS 856755/- CREDITED AFTER DEBITING NECESSARY DEMAT ACCOUNT CHARGES,WHAT WILL BE CALCULATION TO KNOW THE LONG TERM CAPITAL GAIN.
As per 10(38) long term capital gain on shares is exempt provided STT is paid at the time of sale
computation of capital gains on sale of flat AY 2017-18
Sale Consideration 20,00,000
Less Indexed cost of acquistion =500000*1125/497=1131790
Long term capital Gian 868210
You can Invest these gains in capital gain Bonds under 54EC or capital Gains accounts scheme to get exemption from long term capital gains before filing return of Income and has to be utilised within a period of 3 years to buy another asset
CAclubindia
