Capital gain
SHIVANI MAHESHWARI (CA) (548 Points)
15 July 2014SHIVANI MAHESHWARI (CA) (548 Points)
15 July 2014
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 15 July 2014
Full v. of consideration as per Sec 45(5) | Rs. 8 lacs |
Less:Indexed cost of acq | NIL |
Taxable LTCG | Rs. 8lacs |
If assessee's other incomes(excuding LTCG is less than Basic exemp limit-Rs.2lacs)...Marginal relief in respect of LTCG u/s 112 will be available(assuming the assessee as resident) Relief in your case = 2lacs#... . #(Basic exemp-NIL(other incomes) |
|
Taxable LTCG after relief- Rs. 6 lacs @ 20% |
Sohail
(CA)
(142 Points)
Replied 16 July 2014
SHIVANI MAHESHWARI
(CA)
(548 Points)
Replied 18 July 2014
But assessee will be able to enjoy the benefit of FMV as cost of acquisition as on 1st april 1981. How we can calculate FMV as on 1st april 1981?