REF: Part B LTCG
What is the difference between?
i . Cost of acquisition with Indexation
&
ii . Cost of Improvement with Indexation
Basically between:
acquisition & Improvement regarding Long-term capital gain
thanks
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Schedule CG of ITR
Replies (8)
ACQUISITION = PURCHASE OF LTC ASSETS
IMPROVEMENT AS CAPITAL NATURE IMPROVEMENT IN ASSETS
Acquisition is taking control over a property. Improvement is making changes or additions. For example, you buy a house with one floor (acquisition) and later you construct another floor on it (improvement).
Sir/Ma'am
Cost of acquisition:- refers to actual cost incurred on puchase of a property or construction of a property.
cost of Improvement :- Refers to capital expenses incurred to enhance the life or production capacity of a property.
Cost of acquisition:- refers to actual cost incurred on puchase of a property or construction of a property.
cost of Improvement :- Refers to capital expenses incurred to enhance the life or production capacity of a property.
doubts clear thanks a lot
doubts clear thanks a lot
doubts clear thanks a lot
one thing more suppose property purchase before new cost inflation index ie. before 01-04-2001 and sold now in which column have to mention indexed cost :-
Acquisition
OR
Improvement
Acquisition
OR
Improvement
Schedule CG has section F (Information about accrual/receipt of capital gain), it is required to give capital gains values for
Upto 15/6 (i): Say I have nil
16/6 to 15/9 (ii): Say I have 20,000
16/9 to 15/12 (iii): Say I have 35,000
16/12 to 15/3 (iv): Say I have 40,000
16/3 to 31/3 (v):Say I have loss of 30,000
Since negative values are not accepted for the above, shall I reduce the positive values over the three time periods earlier to arrive at total CG of 65,000?
Say, shall I report 0, 10000, 25000, 30000, 0 respectively in section F?
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