Ltcg
This query is : Resolved
01 July 2015
Gurgaon Property
Purchase Value 32,000/- in 1955
sale year in Feb 2015 of Rs.47,00,000/-
How to me calculate long term capital gain from index cost.
please let me know.
Purchase Value 32,000/- in 1955
sale year in Feb 2015 of Rs.47,00,000/-
How to me calculate long term capital gain from index cost.
please let me know.
01 July 2015
Obtain fair market value of the property on 1.4.1981 from a Govt. registered valuer and use that as the cost of the property to find the indexed cost of acquisition.
Full consideration xx
Less:
Brokerage paid (xx)
Indexed cost = Cost x 1024/100 (xx)
Indexed cost of improvement (if any) (xx)
=
LTCG xx
Cost of improvement is capital expenditure incurred in any year for improving the value of the property like changing the floor tiles, etc. which adds value to the property. But you should have bills for such expenditure otherwise you cannot get deduction for such expenditure.
Full consideration xx
Less:
Brokerage paid (xx)
Indexed cost = Cost x 1024/100 (xx)
Indexed cost of improvement (if any) (xx)
=
LTCG xx
Cost of improvement is capital expenditure incurred in any year for improving the value of the property like changing the floor tiles, etc. which adds value to the property. But you should have bills for such expenditure otherwise you cannot get deduction for such expenditure.
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
