Long term capital gains query 2018

106 views 5 replies

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 ?

Replies (5)
what is FMV of plot 1 in 2001 ??

Don't know, calculated fmv of plot 1 in 2003 as plot 2 cost in 2003 is known

plot 1 u purchased in 1984 ,what its FMV in yr 2000-01
Typographical error... Sorry. I modified the previous post
Don't know, calculated fmv of plot 1 in 2003 as plot 2 cost in 2003 is known Read more at: https://www.caclubindia.com/forum/long-term-capital-gains-query-2018-467129.asp


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register