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Sale if residential property-capital Gains

Others 243 views 6 replies
Hi,
If a person has acquired a property in the year 2007-08 and made improvements in the same year and later he constructed Ground floor and First floor in the year 2008-09 and constructed Second floor in 2010-11, whether indexed cost of acquisition in all the aspects? whether construction of GF, FF and SF attracts acquisition?? or not?? someone please enlighten me regarding this issue.
Replies (6)
Indexation is available from respective years.
You have sold full property or any floor ?
Full property
Calculate as follows:
1. Full cost of accquistion coupled by indexation, in case acquired before 1.04.2001 fair value of consideration.
2 . consideration received.
capital gains
tax
What to do with the development cost and construction cost of GF, FF, SF?? whether indexation is applied on it also??
Total Sale Consideration
Less : Selling Expenses
Less : indexed Cost of acquisition
Less: indexed Cost of GF, FF, SF from year of their construction
= Capital Gain
All development cost are applied there.
construction cost are considered.


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