Long term capital gain for f.y.2011-2012

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2011 please tell me for f.y. 2011-2012 long term capital gain for sale of fixed asset can be applicable on sales of immoveable property in f y 2011-2012

if yes how it is to to be calculated at what rate on said transaction for f y 2011-2012 ?

if no how income tax is to be calculated at what rate for the said transaction for f.y. 2011-2012.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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11 December 2011 1.Yes LTCG applicable on sale of immovable property like building/land

2. calculation of ltcg

full value consideration= xxx
less- exp. on transfer = xxx

net full value consideration=xxx

less- cost of aquisition =xxx
(after indexation)

less- cost of improvement = xxx
(if any)

Long term capital gain = xxx

3 20% flat rate applicable for calculation of tax on LTCG