03 June 2009
If i sold a property at Rs. 702949 in 2009 and this amount i invest Rs. 700000 in RCE Bond in 2009 what Will Capital gain in 2009 ? and What section Apply ?
03 June 2009
Following will be the conputation for capital gains
sales consideration Rs. 702949 less : indexed cost of acquisition (say cost of acquisition is Rs. 5L for f.y. 2000-01) so index cost will be 5L/406*582 = 716749, restricted to sales consideration i.e 702949.00
So capital gains chargeable Rs. Nil
Then there is no need to invest in capital gains bonds.
Just put actual cost of acquisition in the formula, you will the capital gains.
CAclubindia
