Suppose,On 07/01/2010, Mr.X had purchased land in Bangluru for Rs.1930000/-. On 03/10/2013 he sold the land for Rs.4350000/- and incurred Rs.75000 as expenses on transfer . From this consideration he purchased new land in Mumbai for Rs.2150285/- on 10/10/2013 and invested RS.1000000/- in capital gain deposit scheme before the due date.The computation shall be:
Full value of Consideration-----------------------------------------------4350000
Less: Indexed cost of Acquistion(1930000x939/632)-----------2867516
Less:Expenses on Transfer--------------------------------------------------75000
Long Term Capital Gain--------------------------------------------------1407484
Less: Exemption U/s54F (3150285/4275000*1407484)----------1037187
TaxableLong Term Capital Gain---------------------------------------370296
Tell me the tax implication of Rs.370296.
CAclubindia
