Capital Gain
This query is : Resolved
04 June 2009
I had purchased a property in August 1998 at a price of 2.8 lacs.
The same is sold in January 2009 at a price of 10.0 lacs.
What is the capital gain applicable & what amount of tax is required to be paid.
The same is sold in January 2009 at a price of 10.0 lacs.
What is the capital gain applicable & what amount of tax is required to be paid.
04 June 2009
As the property is held for more than 36 months, the gain is Long term capital gain.
Sale consideration - 10,00,000
Less: Indexed COA - 4,64,273
(2,80,000*582/351)
-------------
5,35,727
Tax rate is concessional i.e. 20% of the long term capital gain + surcharge if any+ education cess.
Sale consideration - 10,00,000
Less: Indexed COA - 4,64,273
(2,80,000*582/351)
-------------
5,35,727
Tax rate is concessional i.e. 20% of the long term capital gain + surcharge if any+ education cess.
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