ARUN (Articleship) (47 Points)
28 January 2014hi
House Property Purchased - 60,500 on 1964-65
Expenditure made - 30,00,000 on 1999-00
Expenditure made - 1,10,00,000 on 2013-14
Now The House (Partly - Basement & Ground Floor) sold to Builders at Rs. 1,45,50,000/-
and Partly (1st, 2nd and 3red) Retain Himself,
(FMV on 01/04/1981 not Available)
pl calulate capital gain
Umesh Rijal
(Internal Auditor)
(909 Points)
Replied 28 January 2014
Hii, Arun you can go through the following link to calculate capital gain
https://finotax.com/income-tax/cgcalc
Aditya
(Dadar)
(67 Points)
Replied 28 January 2014
In my opinion captal gain will be:
| Full value of Consideration | 14,550,000.00 | ||||
| Less: | Expenses on transfer | - | |||
| Net Consideration | 14,550,000.00 | ||||
| Less: | Indexed COA | ||||
| 12100(60500/5)*939/100 | 113619.00 | ||||
| Indexed COI | |||||
| 600000(3000000/5)*939/389 | 1448329.05 | ||||
| 2200000(11000000/5)*939/939 | 2200000 | 3648329.05 | |||
| LTCG | 10,788,052 | ||||
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 January 2014
You will have to find out the cost of acquisition / construction of the basement and ground floor and the year it was done, which is sold to the builder.
CA SUNNY GUPTA
(Chartered Accountant)
(36 Points)
Replied 28 January 2014
srinivas
(profeesional)
(93 Points)
Replied 28 January 2014
CAclubindia
