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.
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Sale if residential property-capital Gains
Replies (6)
Quick Summary
Indexation is available from respective years.
You have sold full property or any floor ?
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
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
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.
construction cost are considered.
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