Capital gains Tax on Immovable Property

This query is : Resolved

Sanjay Kalra (Querist)
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11 August 2009 Dear All,
Please let me know as to what will be the capital gains tax payable by an individual who bought an immovable property @ Rs. 1.25 Lacs (total consideration) during the financial year 1986-87.

Now he wants to sell the same during the current financial year @ Rs. 30 Lacs.

Thanks to All.
Sanjay Kalra

Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 August 2009 Indexed Cost = 1.25 * 600 (assumed for F. Y. 2009 - 10 not yet notified, L. Y. 582) / 140 = 535714

Sale consideration = 3,000,000
Indexed Cost = 535,714
Gain = 2,464,286
Tax @ 20.6% = 507,643
(If no investement made u/s 54, 54EC or 54F whereever applicable

Sanjay Kalra

Sanjay Kalra (Querist)
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17 August 2009 Thank You so very much. I truly appreciate your effort by answering to my question.

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