section 54

This query is : Resolved

CA Vishal Harsora (Querist)
Follow

02 January 2010 sir
our assessee has sold two flat around RS 1 crore when we calculate the capital gain the things comes to know that assessee has made payment for acquiring the flat in Installment then question aries that capital gain whether calculate in payment made by assessee in relevant previous year or in accumalated value on agrrement date ???????

situation
1991 paid Rs 40,000/-
1992 paid Rs 2,00,000/-
1995 paid Rs 4,00,000/-
or purchase cost Rs 10,81,000/-

Zeeshan

Zeeshan (Expert)
Follow

04 January 2010 purchase cost at 1991 as per agreement i.e. 10.81 Lacs would be indexed and not the installments on respective dates.
(there may be credit purchase of CA. Subsequent payment doesnot have any impact on capital gain calculation.)

if the 10.81 is combined consideration for two flates then on reasonable basis it has be devided in two flats.