22 November 2009
purchase date 6/5/1975. cost Rs 20000.00 sale date 15/8/09. sale value Rs 428000.00 It is difficult to calculate the Market Value as on 1/4/1981.Present(2009) Market Value Rs 675000.00 How i can compute the Capital Gain.
23 November 2009
Hi Raman, you have two options. first, take Rs. 20,000 as cost. second, find out the fair value as on 1.4.1981 referring to stamp duty slab. then do the indexing as Cost / Fair value/100*632. the difference between sales consideration Rs. 4,28,000 and the indexed cost is long term capital gain. AND let the AO decide whether it is the right amount of consideration or note. Regards, CA SHakuntala Chhangani
CAclubindia
