C.A. Final Student
136 Points
Joined March 2012
As par my Knowledge..
In the given senario , You Should Follow the below proceedure
Sale Consideration = 11 Lacs
Less: Exp. on Transfer = (xxx)
Net Sale Consideration xxxx
Less: Indexed COI NIL
Less: Indexed COA* (xxx)
LTCG = xxxx
Note:- It is to be noted that Indexation rates for F.Y. year 1975-1976 (before 1981) were not available so you have to come at Year 1981 by adopting FMV of the Said Capital Asset & its Beneficial for the Assessee himself, & you should also be careful about the Cost of Inflation which had been made upto 1981,Since FMV covers it itself, So in that Situation Cost of Inflation should be ignored.