Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Capital gain

Sushil Kumar Mohanty (Accountant) (137 Points)

04 December 2013

Dear frinds

please calculate the capital gain tax on sale of inheritance property

purchase on the property 25.01.1972 - Rs. 300/-

Sale of the property on 15.11.2013 - Rs. 28819/-

What is the capitan gin tax calculation procedure.

Reply
Follow
Share

4 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 04 December 2013

Try to find out the fair market value of the property in the year 1981.

Sale consideration= Rs. 28,819/-

Indexed cost of acquisition= Rs. 300 x (939 / 100) = 2,817/-

Long term capital gain = Rs. 28,819 - 2,817/- = 26,002/-

Long term capital gain tax = Rs. 26,002 x 0.203 = 5,278/-

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Sushil Kumar Mohanty (Accountant) (137 Points)
Replied 04 December 2013

Originally posted by : Mihir
	Try to find out the fair market value of the property in the year 1981. Sale consideration= Rs. 28,819/- Indexed cost of acquisition= Rs. 300 x (939 / 100) = 2,817/- Long term capital gain = Rs. 28,819 - 2,817/- = 26,002/- Long term capital gain tax = Rs. 26,002 x 0.203 = 5,278/-

please send me the details of the tax rate mentioned above 0.203 , i have not examined this rate

Sushil Kumar Mohanty (Accountant) (137 Points)
Replied 04 December 2013

please suggest me how to calculate capital gain without indexsation for Rs. 215000/- , the property sold by son after death of his father & the purchase value of the property do not traceable.