my query is like this:
For FY2025-26
I sold my residential property for a consideration of 100,00,000 (1 Cr) on 01/07/2025.
The purchase cost of this property was Rs 20,00,000 in Year 2008-09.
Indexed cost of this property is approx. 60,00,000
Thus LTCG after indexation was approx 40,00,000 (100,00,000-60,00,000)
After the sale, I purchased another residential property on 01/09/2025 for a price of 41,00,000 (all inclusive) to take benefit under section 54
Thus my LTCG should be 0 (40,00,000 -41,00,000). Im correctly being charged 0 tax on LTCG after section 54 rebate and indexation of cost.
My income from other sources was 25,00,000 during the year
However while calculating my Total Income , the portal adds the unindexed LT capital gain of Rs 40,00,000 to my other sources income of 25,00,000 and puts my total income as 65,00,000 which triggers the surcharge at 10%. is this surcharge correct? is this the intent of relief given on indexation?
CAclubindia
