29 January 2014
My Client has purchased land and building in the FY 2008-09 for Rs.27.25 lakhs by using as factory for his business. He had made additional construction FY 2009-10 Rs.4.69 lakhs and FY 2010-11 Rs.5.71 lakhs, FY Rs.3.00 lakhs. He has sold eitire land and building FY 2012-13 for Rs.55.00 lakhs. Now the capital gain is arrived as follows. Long Term Capital Gains: Sale Consideration FY 2012-13 Rs.55.00 Cost: indexed cost (FY 08-09) Rs.39.90 -------- Long Term Capital gain Rs.15.10 Cost of Improvement: Short Term Capital loss: FY 2009-10 Rs.4.69 FY 2010-11 Rs.5.71 FY 2011-12 Rs.3.00 ------- Rs.13.40 -------- Net Long Term Capital Gain Rs. 1.70 ------- Tax @ 20% Rs.34,000.00 whether it is correct or not
29 January 2014
Index Particulars Cost Indexed cost Total 852 Sales Consideration FY 2012-13 5,500,000.00
Cost 582 FY 2008-09 2,725,000.00 3,989,175.26
COI 632 FY 2009-10 469,000.00 632,259.49 711 FY 2010-11 571,000.00 684,236.29 785 FY 2011-12 300,000.00 325,605.10 5,631,276.13 Net Long Term Capital loss (131,276.13)
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