Capital Gains
This query is : Resolved
22 February 2011
Dear Sir
I purchased a flat on 20.03.1996 for Rs.420000/-.I also spent Rs.50700/- as stamp duty at that time.Now i have sold that flat for Rs.2500000/- on 13.12.2010.I have two questions in my mind which are as under:-
1.While calculating the amount of capital gains the amount spent by me on stamp duty will also be added in the value of flat i.e Rs.420000/- or not.
2.If yes then please oblige me by telling the amount of capital gains.
Thanking you.
Arun Sharma
kalia1961@gmail.com
I purchased a flat on 20.03.1996 for Rs.420000/-.I also spent Rs.50700/- as stamp duty at that time.Now i have sold that flat for Rs.2500000/- on 13.12.2010.I have two questions in my mind which are as under:-
1.While calculating the amount of capital gains the amount spent by me on stamp duty will also be added in the value of flat i.e Rs.420000/- or not.
2.If yes then please oblige me by telling the amount of capital gains.
Thanking you.
Arun Sharma
kalia1961@gmail.com
22 February 2011
Hi,
Cost of Acqusition will include the registration charges / stamp duty paid if the same is not claimed as deduction under Sec 80 C
W.R.T your issue you couldnt have claimed Stamp duty Charges as....
B.—Deductions in respect of certain payments
Deduction in respect of life insurance premia, contributions to provident fund, etc.
80C. 94[95-97Omitted by the Finance Act, 1990, w.e.f. 1-4-1991.]
Therefore your LTCG would be
Particulars Amount
S.C 25 lac
(-) Exp. on Tfr -
NSC 25 lac
(-)ICOA
470700*711/281 11.90 lac
LTCG 13.10 lac
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Cost of Acqusition will include the registration charges / stamp duty paid if the same is not claimed as deduction under Sec 80 C
W.R.T your issue you couldnt have claimed Stamp duty Charges as....
B.—Deductions in respect of certain payments
Deduction in respect of life insurance premia, contributions to provident fund, etc.
80C. 94[95-97Omitted by the Finance Act, 1990, w.e.f. 1-4-1991.]
Therefore your LTCG would be
Particulars Amount
S.C 25 lac
(-) Exp. on Tfr -
NSC 25 lac
(-)ICOA
470700*711/281 11.90 lac
LTCG 13.10 lac
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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Guest
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(Expert)
22 February 2011
Cost of Acqusition will include the stamp duty paid if paid by buyer.
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