Sir,
One of my relatives purchased Shop for Rs.24 Lakh (it includes 1.50 for SD+Reg. charges) in Oct. 2016 and sold sold the same for Rs.49.25 Lakh in Dec.2018 and again purchased a new shop for Rs.60 lakh in Jan 2019.
In this regard, I just want to know how much capital gain will be there and tax liability for the same..? and one more query - which type of capital gain LTCG or STCG.?
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Tax Liability under Capital Gain
Replies (5)
long term capital gain = 2343182
tax liability = 487382(AY 2019-2020)
tax liability = 487382(AY 2019-2020)
If you are providing depreciation on the premises, then you shall follow block method for calculating capital gains. In block method you won't be having any capital gain as your block is positive and have 1 new shop in it.
If block method is not followed, then it wl be a long term capital gain as you sold it after 24 months
If block method is not followed, then it wl be a long term capital gain as you sold it after 24 months
@ Abhishek Gupta Sir can you please tell me how capital gain of Rs.234182/- is arrived.?
Sell value Rs. 49,25,000/-
Less: 24,00,000/- *280/264 = = = Rs. 25,45,450/- Indexed Cost of Acquisition
LTCG. = 23,79,550/-
Tax liability @ 20.8% with cess = Rs. 4,94,950/-
SORRY IT'S CALCULATION SHOULD BE
Ltcg = 2379545
tax @ 20% + cess = 494945
..
but if it is your part of block of assets than no capital gain arise
Ltcg = 2379545
tax @ 20% + cess = 494945
..
but if it is your part of block of assets than no capital gain arise
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