Capital gains doubt

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Hi! Please help me with these two capital gains sums: Mr A tranfers a plot of land for a consideration of Rs 18 lacs on 15.12.12. This land was purchased by him in 1994-95 for Rs 436000. Brokerage paid for sale is 24000. He purchased fr rs 250000 residential flat on 30.04.12. Determine the taxable capital gain fr AY 13-14. Answer given is 293539 but I am not getting it. Q2. Ms sivapriya inherited a vacant land during 81-82 which was purchased in 1979 by her father. The mkt value was rs 2 lacs on 1.4.81. During apr'12 she entered into an agreement to sell the land & received an advance of Rs 14lacs. She purchased a house property in sept'12 for rs 15lacs. Registration & stamp suty exps for purchase amounted to rs 166000. She ultimately sold d land in aug'12 n received the balance consideration of rs 20lacs out of which brokerage of rs68000 was paid. Find out capital gains. Ans given is rs814000. Please show me how they got it.
Replies (7)

The Computation is giving another answer.

the answer is in the attached file

Mihir sir...You have rightly computed the capital gain in both the  cases but the exemption shall be granted proportionately.i.e the amount invested in proportion to the total consideration shall be applied to the capital gain in order to calculate the exemption..correct me if i m wrong.,thank u

1.
 

Sale Consideration : 18,00,000                        
Less: Br. on Sale 24,000

Less:
Cost of Acquisition

436000 X 852/259

14,34,254
LTCG 3,41,746

Less: U/S 54F

341746 X 250000/1776000

48105
LTCG 293641



2.

Sale Consideration 34,00,000                         
Less: Brokerage 68,000
Less:
Cost of Acquisition
200000 X 852/100
17,04,000
LTCG 16,28,000

Less: U/S 54 F

16,28,000 X 1666000/ 3332000

814000

LTCG 814000


 

Jaspreet is correct. 

Answer no. 1 is 293,639/-

Workings:

Capital gain - Rs. 341,745/- (17,76,000 - 14,34,255)

Reinvesment / net sales x capital gain

250,000 / 17,76,000 x 341,745/- = Rs. 293,639/-

 

Answer no. 2 is 814,000/-

Workings:

Capital gain - Rs. 16,28,000/- (33,32,000 - 17,04,000)

Reinvesment / net sales x  capital

15,00,000 + 166,000 / 33,32,000 x 1628,000/- = Rs. 814,000/-

 

@ Mihir Inflation index for AY 13-14 is 852 so solution will change.

@ Aryan Sec 54 cannot be claimed since it is plot of land and not house property so exemption has to be calimed u/s 54F.

Thank you Mitesh ji and Mihir ji..

Thanks for correcting me,

Haven't read the question well....


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