Capital Gain ....................please help me

This query is : Resolved

Guest

Guest (Querist)

16 January 2010 Q. R purchased a plot for Rs 3,00,000 in 1987-88 and it was sold on 10-6-2009 for Rs 17,00,000. He paid Rs 40,000 as brokerage charges . He invested Rs 4,00,000 in Bonds of NHAI (notified u/s 54EC) on 28-8-2009.

Compute the taxable amount of capital gain.

ANSWER :- Rs 96,000.

please solve it ............

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

16 January 2010 Sale Consideration 1660000

Less : Index Cost 1264000

Capital Gain 396000

Less : Exemption 396000

Tax Liability NIL

Therefore there is no tax liability

Thanks , Mobile 9867420129

Ratan Sharma

Ratan Sharma (Expert)
Follow

16 January 2010 Sale Consideration 1660000
Less: Indexed cost
300000X632/150 = 1264000

LTCG 396000/-

LTCG Tax 79200/-

Deduction u/s. 54EC is not available as the investment is made before the date of transfer of land.

Upgrade to CAclubindia Pro. Subscribe Now!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

16 January 2010 Sales Value Rs. 1700000
Less:Brokerage Rs. 40000
Less: Index cost 300000/150x582Rs. 1164000
Less: Bonds NHAI Rs. 400000
_______
Long term capital Gain Rs. 96000
------

Guest

Guest (Querist)

18 January 2010 SIR, CMA.Ramesh Krishnan
PLEASE TELL ME WHY YOU ARE TAKING INDEX
OF THE COST OF YEAR 2008-2009 .

please tell me the reason as far as possible.