Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2017
MY CLIENT HAS LAND & BUILDING (HOUSE PROPERTY) OF RS. 1601590 IN 2012-13 NOW HE SELL IN 2016-17 IN RS. 2800000. I WANT TO KNOW HOW MUCH LONG CAPITAL GAIN WILL RAISED AND IF CLIENT WANTS TO PURCHASE IN 2017-18 NEW PROPERTY THEN IT IS POSSIBLE TO SET OFF.
THANKS IN ADVANCE
THANKS IN ADVANCE
13 September 2017
Base year is 2001-2002 and the year of transfer is 2016-17. CII is 100 and 264 respectively.
Indexed cost of acquisition is Rs.1601590 *(264/100) is Rs. 42.28
If your client is selling at Rs.28 lacs, then capital loss will be 28lacs less 42.28 lacs= Rs.14.28 lacs
Indexed cost of acquisition is Rs.1601590 *(264/100) is Rs. 42.28
If your client is selling at Rs.28 lacs, then capital loss will be 28lacs less 42.28 lacs= Rs.14.28 lacs
13 September 2017
Your client can set off the long term capital loss against Long term capital gains only.
13 September 2017
If it is not possible to set off against any long term capital gains in the year 2017-18, then your client can carry forward such losses upto 8 assessment years.
13 September 2017
Capital gains exemption can be claimed by investing or constructing a property. This case is that of long term capital loss and therefore no question of exemption arises.
14 September 2017
There is a capital gain =1601590*264/200 = 2114099
So LTCG = 28L-21.14099 = 6.85901, The inddex for 2012-13 is 200
https://caclub.in/cbdt-notified-new-cost-inflation-index-base-year-2001-02/
So LTCG = 28L-21.14099 = 6.85901, The inddex for 2012-13 is 200
https://caclub.in/cbdt-notified-new-cost-inflation-index-base-year-2001-02/
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14 September 2017
Thanks, Dibin ji!
I misread the year of acquisition as 2001-2002
I misread the year of acquisition as 2001-2002
14 September 2017
By buying property within 2 years of transfer or to construct a residential property within 3 years of transfer, you can claim exemption of long term capital gains .
One requirement is that you should invest the amount of capital gains in such purchase or construction
One requirement is that you should invest the amount of capital gains in such purchase or construction
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