Plz help....

 

pl find below the details of Smt. Phadke who’s
capital gain tax is to be calculated. Pl. note that she is senior citizen of age 71.
 
                                        Purchase                        Sale
 
Date                                05/06/1986                03/02/2012
 
Agreement Value            17000/-                        1400000/-
(Mkt.Value as                111000/-
mentioned in agmnt. )                
 
Stamp Duty paid             1110/-   
 
Pl. guide about the tax liability and arrange for necessary procedure and inform accordingly.
Replies (1)

Sale consideration                                                                                14,00,000

- Indexed cost of acquisition                          17000*785/140           ( 95,321) (ignore FV)

(as it is LTCA ,holding period > 3yrs)

- Stamp duty paid (as expenditure on trf)                                             (1,110)

                                                                                                                   -----------------

  LTCG taxable @ 20%                                                                          13,03,569 

 

now assuming she only has LTCG in her GTTI ,the above will be taxable as per slab rates

0-250000 nil

250001- 500000 10%

500001-800000 20%

above 30%

she will not get deductions under CHP VI A

 

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