Mrs. A bought a plot for Rs.20,000/- in 2000 and sold it in 2018 for consideration below Rs.6 lakh. What is the tax implication. She has no other income.
Menu
Tax
Replies (9)
taking FMV of the plot same as 20000/- on 01.04.2001, indexed cost comes to 84000/- in FY 2018-19.
So, Rs. 5,40,000/- long term capital gain
Less 2,50,000/- as basic exemption ...
tax on 2,90,000/- at 20% will be 58000/- plus 4% cess.
I am not getting that how long term capital gain is rs 540000
Slight correction ,,,, It is assumed that FMV as on 01.04.2001 is 30,000/- and sell value exactly 6.00 lakhs, with no other expenses.
The indexed cost as it is comes to 56000/- so taking roughly as 60K; the LTCG was 5,40,000/-
ok i was thinking that from there you took indexed cost of acquisition rs 84000
As it is indexed cost (20K) .... will be 56,000/-
But with appreciation of (30K as on 1.4.2001) ... it was assumed to be 84000/- ...
Thanks.
I have to thank you for your prompt response. Thanks again.
The long term capital gain tax of Rs.58000/- odd in this case, can we save it by investing in instruments under 80C.
Thank you sir for your response. I also had the same doubt.
whether this tax of Rs.58000/- plus cess can be saved by investing under instruments covered under section 80C of IT Act ?
Recent Topics :
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
- Hi experts need some help
- Is SAP FICO a good career option for finance and a
- Direct Cost booking
- TDS on Property Purchase Paid
CAclubindia
