Capital gains doubt
Deepika (X) (89 Points)
16 September 2013Deepika (X) (89 Points)
16 September 2013
Mihir
(Wealth Manager)
(5293 Points)
Replied 17 September 2013
The Computation is giving another answer.
CA Jaspreet Singh Sidana
(Chartered Accountant)
(45 Points)
Replied 17 September 2013
the answer is in the attached file
CA Jaspreet Singh Sidana
(Chartered Accountant)
(45 Points)
Replied 17 September 2013
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
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 17 September 2013
1.
Sale Consideration : | 18,00,000 |
Less: Br. on Sale | 24,000 |
Less: 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 |
Mihir
(Wealth Manager)
(5293 Points)
Replied 17 September 2013
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/-
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 17 September 2013
@ 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.
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 17 September 2013
Thank you Mitesh ji and Mihir ji..
Thanks for correcting me,
Haven't read the question well....