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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 October 2012 Mr. Ram Sold his house on Ist May, 2009 for Rs 12, 00,000. This house was purchased by his father in 1960 for Rs 50,000. Mr. Ram got this house in inheritance on the death of his father in 1977-78. On 01.04.1981 fair market value of this house was Rs 150,000. On Ist December, 2009 he purchased another house for Rs 2, 50,000. For the assessment year 2011-12 calculate his capital gains.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 October 2012 Computation of Capital Gain:

Sale Price 12,00,000
Less: Indexed Cost of Acquisition
1,50,000*632/100 = Rs. 9,48,000
Capital Gain 2,52,000
Less: Exemption u/s 54 2,50,000
Taxable Capital Gain 2,000
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 October 2012 Computation of Capital Gain:

Sale Price 12,00,000
Less: Indexed Cost of Acquisition
1,50,000*632/100 = Rs. 9,48,000
Capital Gain 2,52,000
Less: Exemption u/s 54 2,50,000
Taxable Capital Gain 2,000
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
04 October 2012 how can you ask to compute the capital gain for the AY 2011-12
since the LTCG was in the Year 2010-11
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
04 October 2012 but the computation given by Mr. Siddharth is absoultely correct

Ltcg would be Rs.2000
if it is for AY 2010-11
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 October 2012 Thanks both of u

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