Purchased two plot adjacent
Plot 1 in 1984 purchasing cost 1500
Plot 2 in 2003 purchasing cost 25000
Sell these two plot in may 2018, selling Price is 425000 together.
FMV of plot 1 in 2003 was 50000
Total value = 50000+25000= 75000 (in 2003)
So, total Cost of Acquisition in 2018 is around 195000.(by using new CII index)
Cii for 2003 and 2018 is 105 and 272 respectively
Q1.Do I have any long term capital gain tax liability ?(provided I don't have any income in that fy)
Q2.If any, How much tax I have to pay ?
Q3. Do I have to file return if tax liability is nil after substraction the acquisition cost from sell value ?
CAclubindia
