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CAPITAL GAIN

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Rajat Singhal

95 Points Posted on 10 May 2019

If i sold a property of Rs.14,00,000/- in 50,00,000 today. Sold property held by me from A.Y. 2008- 09.What is the capital gain, disclose your answer with using indexation rate?

Further information that I invest 35 lakhs in purchase for land and construct a three storey flat and sold two floor in A.y. 2021-22 of that construction within 3 years from date of purchase.
Please disclose your answer.

Replies (3)

Tarun Kansal

37 Points Posted on 10 May 2019

Answer 1. If u have sold the property in A.Y. 2019-20 CII(Cost Inflation Index) is 280 and CII of A.Y. 2008-09 is 129
cost of Property in A.Y. 2019-20 will be
14,00,000 X 280/129 = 3038760
Capital gain = Sale consideration - cost of acquisition
Capital gain= 50,00,000 - 30,38,760 = Rs. 19,61,240
Tax on LTCG is 20%

SpecyStuff

19 Points Posted on 11 May 2019

Later you will get exemption u/s 54
i.e lower of:-

1. LTCG : 19,61,240
2. COST OF NEW HOUSE : 35,00,000

EXEMPTION AMT:- LTCG i.e ₹19,61,240

Rajat Singhal

95 Points Posted on 11 May 2019

Thank you , but if i sold that new house partially 2/3 floor after construction within 3 years, what proviso of taxation implement on my later exemption at Rs. 1961240. that exemption partially reversed or fully reversed or not reversed. Plz quote relevant section with your answer.