Capital gains tax

This query is : Resolved

CARL MATHIAS (Querist)
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05 August 2013 PURCHASED PROPERTY = RS.5 LAKH 1 JUNE 1990
SOLD PROPERTY = RS.25 LAKH 1 JUNE 2013
PURCHASED PROPERTY = RS.30 LAKH 1 JULY 2013
DO I HAVE TO PAY CAPITAL GAINS TAX. I DO NOT HAVE ANY OTHER PROPERTY IN MY NAME. THIS IS THE ONLY RESIDENTIAL PROPERTY PURCHASED AND SOLD BY ME. WHAT IS THE INDEX VALUE FOR 1990-1991 & FOR 2013-2014. IF THERE IS CAPITAL GAINS TAX TO BE PAID; WHAT WOULD BE THE AMOUNT?

TUSHAR HAD REPLIED THAT I HAD PAY 20% CAPITAL GAINS TAX. COULD YOU PLEASE GIVE ME THE AMOUNT OF CAPITAL GAINS TAX TO BE PAID. ROUGH AMOUNT WOULD. ALSO SEND ME THE INDEX. I'AM BASED IN BANGALORE

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 August 2013 Computation of Capital Gain:

Sale Consideration: 25,00,000
Less: Indexed Cost of Acquisition: 23,40,659
(5,00,000*852/182)

LTCG: 1,59,340

Less: Exemption u/s 54 1,59,340
(Rs. 30 lakhs restricted to LTCG)

Taxable LTCG: NIL

There is no tax liability as full amount of LTCG is exempt u/s 54.