Long term capital gain tax - building - calculation

CII of year 2000 is used which is 100 and cost at 20 lac

where the capital asset become the property of the assessee before 1-4-2001 COST OF ACQUISITION MEANS THE COST OF ACQUISITION OF THE ASSET TO THE ASSESSEE OR THE FAIR MARKET VALUE OF THE ASSET ON 1-4-2001 AT THE OPTION OF THE ASSESSEE (it is advisable, you can take higher value, which will reduce the tax liability) 
- indexation benefit is available 

Cost inflation index base year has been changed from 1981 to 2001 as per finance act 2017. Earlier base year was 1981. that is why you find two charts for CII. this is applicable from FY 2017-18 onwards.  To calculate capital gain tax you have you have to use CCI chart notified as on 5.6.2017. Further if this long term capital gain tax is not exempt then you should pay quarterly advance tax during FY 2018-19 itself to avoid interest under section 234B and 234C. For clarification you may contact.

umesh kumar- 9717597230

 

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