17 August 2010
In ipce exam of nov.2010 index numbers for calculating indexation is not given.plz suggest me..i m gvng the problem below:
A house was purchased on 1.05.97 for rs.450000 and was used as a residence by the owner. The owner had contracted to sell this property in june 07 for rs.10lakhs and had received an advance of rs.70000 towards sale. The intending purchaser did not proceed with the transaction and the advance was forfeited by the owner. The property was sold in april 2008 for rs.1500000. The owner out of sale proceeds, invested rs.400000 in a new residential house in january,09. compute the net taxable capital gains of smt.megha
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