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LONG CAPITAL GAIN

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(Querist)
26 February 2011 A HOUSE PURCHASED IN THE YEAR OF 1980 NOW THE SOLD 2011 SO LONG TERM CAPITAL LIABILITY ARISE OR NOT IF ARISE SO WHAT IS THE CRITERIA OF CALCULATION LT TAX.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 February 2011 Yes tax payable.
Gains will be taxable @ 20% = Sales consideration - Indexed Cost of Acquisition

Indexed cost = Cost * 711 (CII of 2010 - 11)/ 100

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