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Long term capital gain from sale of inherited property
Dear all,
I inherited (through will) two plots purchased by my father as follows:
1) in 1984 for Rs. 5000 sold by me in 2013 for Rs.1510000
2) in 1986 for Rs. 3000 sold by me in 2013 for Rs. 157000
A plot purchased by myself in 2007 @ Rs 280000 was sold by me in 2013 for Rs. 697000.
My question is :
1) What is my tax liability for every transaction considering indexing?
2) Can I use all the money received from these three transactions for purchase of a flat @ Rs. 2400000 to save capital gain tax fully?
Replies (2)
1.
| Sale Proceed | 1510000 |
| Less:Cost of acquisition 5000 X 939/125 | 37560 |
| long term capital gain | 1472440 |
2.
| Sale Proceed | 157000 |
| Less: cost of acquisition 3000 X 939/140 | 20212 |
| long term capital gain | 136879 |
3.
| Sale Proceed | 697000 |
| Less: cost of acquisition 280000 X 939/551 | 477168 |
| long term capital gain | 219832 |
Yes, You can use the Money to purchase a flat.
U/S 54
Thanks Aryan.
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