Hi
For calculating LTCG which was the base year for indexing
detail of case:
Thanks
hi
for calculating ltcg on sale of house as we purchase house in the year of 1987 88. the base year is 1987 88
hemant
| Originally posted by :Jyoti Malik | ||
| " | Hi For calculating LTCG which was the base year for indexing year of possession or year of Ist / major part of Improvement detail of case: A person who sold his house for Rs 70lcs and invested 50 lacs in bonds u/s 54EC. He had paid the amount in installments from F Y 1987-1988 (major Portion ie Rs 2,40,100) balance paid in further installments up to 2002 he got the posssession of house in F Y 1992-93 please help me in indexing, LTCG and Tax payable by him Thanks |
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the base year for indexing shall be 1987-1988
Helo Jyoti
U can calculate LTCG as following
Full consideration of sold assets
Less: Expenses on sale (i.e. commission brokrage)
Less: :Indexed cot of purchase (i.e. indaxtion of purchaseing year 1987- 1988)
Less: Indexed cost of inmprovment (i.e. indaxtion of improvmenting year)
Less: Exemption u/s 54
Regards
Navin Jain
CAclubindia
