Capital Gains from Immovable property

This query is : Resolved

Sanjay Kalra (Querist)
Follow

30 March 2011 I purchased a flat for a total consideration of7 Lacs during the year 1993 and now wish to sell during APRIL 2011 for a total consideration of50 Lacs. I would like to take a call on my capital gains please.

Thanks in advance to all the answerers.

Regards,
Sanjay Kalra

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
Follow

30 March 2011 Hi,

Your LTCG will be as follows

Particulars Amount

Sale Consideration 50Lacs
Less Expenses on Transfer -
Net Sale Consideration 50Lacs

Less : Indexed Cost of Acquisition

7 lacs * 711/223 = 22.32
________

Taxable LTCG 27.68
________

Note : You can claim Exemptions under Section 54 / 54 F and 54 EC to reduce your tax liability.

Thank you,

Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

30 March 2011 The capital gain shall be as worked as above..

however, invest judiciously

Upgrade to CAclubindia Pro. Subscribe Now!

Sanjay Kalra

Sanjay Kalra (Querist)
Follow

31 March 2011 Thanks Ms. Jagadeesh and Mr. Vivek for your reply.....Also let me tell you that I am planning to sell in April 2011......I would ask more in this context...........thanks again.

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
Follow

03 April 2011 Hi,

Any time Mr. Sanjay.

We are at your Service.

Thank you,

Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons