Long term capital gain
This query is : Resolved
09 November 2011
My director has purchased commercial property in April,2002 for Rs.36,47,400/- in Andheri west, Mumbai. Now he is planning to sell the same in F.Y.2011-12 for Rs.2.10 crore approx or more. Is cost as per indexation comes to rs.67,21,148/- ? Assuming the expected sell price is the long term capital gain arrive at rs.1,42,78,852/- ? If so then can he invest the gain in capital gain saving bond to avoid tax on it ? Is there an upper limit for investment towards capital gain tax saving bond ?
10 November 2011
Indexed Cost of Acquisition
= 3647400*785/447=6405389
.
Max investment in capital gain Bonds U/s 54EC can be made , is Rs 50.00 lac in FY 2011-12.
.
In case the property is sold as on today, then , within the 6 months of tfr of the property, in a new FY 2012-13, you may get
the benefit of Rs 50.00lac more.
.
= 3647400*785/447=6405389
.
Max investment in capital gain Bonds U/s 54EC can be made , is Rs 50.00 lac in FY 2011-12.
.
In case the property is sold as on today, then , within the 6 months of tfr of the property, in a new FY 2012-13, you may get
the benefit of Rs 50.00lac more.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Filing d ITR by registered legal heir
- Tax implications of gift to maternal uncle
- Closure of a PVT LTD company
- ROC filings for the first year of incorporation
- 26QB correction - no data available error for fully consumed/processed with default
- Real estate business by a partnership firm where both of the partners are SC/ST
- Short term capital gain Section 87A
- How to open attachment in 23ac xbrl
- TDS on Purchase of Immovable Property in case of Co Owner
- When I Login E-invoice portal with waybill user id and pw, it is showing 3011 error data
- Input Tax Credit Puf panels
- Unable to convert User role from Registered user to Business user on MCA V3 portal
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
- Need to send letter to GST dept. For claimed missed ITC
- Printing Press under Composition Scheme
- 140-A Tax Wrongly Paid PAN No
- CSR funding for private limited companies
- SAC codes for Chartered Accountant
- Professional tax deduction monthly
- Cross charges verses Isd methof
CAclubindia
