CAPITAL GAIN
This query is : Resolved
23 July 2016
mr. A purchase a land in 1997 for rs 500000 and sale in 2016 for 50000000 .
agreement date 1997 april
as per agreement amount paid in intallements
1-8-97
1-10-97
1-12-97
1-1-98
1-2-98
paid in equale installments ..how to compute capital gain..and how to compute indexation plese explain with section ?
23 July 2016
All the payments fall in FY 1997-98 as such there is no issue. All payment made in same year as such Cost Inflation Index for (331) will be taken. Indexed Cost = 500000/331x1125 (assuming sale made after April 16 i.e. in FY 2016-17) = Rs 1699396 & Capital Gain Rs 4.83 Crores. Please also check whether the same is Agricultural Land situated in Rural area.
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26 July 2016
If payments not fall in the 1 financial year how to calculate cost of indexation ?
26 July 2016
You can take Cost Inflation Index (of relevant FY) & apply the same on amount received during that FY. Formula is given above.
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26 July 2016
IF AGRREMENT OF SALE ON 1996 AND SALE DEED ON 2002 AND FULL AMOUNT PAID BEFOR 2002 WHICH DATE TAKEN FOR INDEXATION AND PLEASE TRY TO EXPLAIN WITH RELEVANT SECTION
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