Capital gains

This query is : Resolved

PRAMOD KUMAR (Querist)
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21 October 2015 Dear Experts,
Facts of the case are:
sale value of Land 1 Crore Long term Asset
Indexed Value 10 Lakhs
Invested in Bonds 50 Lakhs
Invested in House 33 Lakhs
Assessee does not own any house.
What will be taxable capital gains - Long Term.

Amol S Joglekar

Amol S Joglekar (Expert)
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21 October 2015 12 lakh is the remainder of capital gain.

PRAMOD KUMAR

PRAMOD KUMAR (Querist)
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21 October 2015 Thanks for your reply.
Can you please give a detailed working as to how figure of 12 lakhs has been arrived?

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Amol S Joglekar

Amol S Joglekar (Expert)
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22 October 2015 A. If the land is sold along with its dwelling unit
Full value of consideration = 1,00,00,000
Less: Indexed cost of acquisition = 10,00,000
Long Term Capital Gain = 90,00,000 (90%)
Less: House property investment 33,00,000
Less: Bond investment 90% of 50,00,000 i.e.45,00,000

Net taxable long term capital gain = 12,00,000

B. If the land is sold as only land (without any dwelling unit in it)
Full value of consideration = 1,00,00,000
Less: Indexed cost of acquisition = 10,00,000
Long Term Capital Gain = 90,00,000 (90%)
Less: House property investment 90% of 33,00,000 i.e. 29,70,000
Less: Bond investment 90% of 50,00,000 i.e.45,00,000

Net taxable long term capital gain = 15,30,000