Capital gains doubt

678 views 5 replies
Hi! Please help me with this capital gain sum: 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 (5)
Hello, i think answer of your first question will be 293639 as per giving details above

i am getting rs.294280 by applying the exemption available u/s 54F.

exemption available is c/g x cost of new house/ net consideration

Answer for 1st que Rs.293639.00 Sale consideration Rs.18,00,000.00-selling expenses Rs.24,000.00-Indexed cost of acquisition Rs.14,34,255.00(436000*852/259)=Rs.341745.00. Less-exemption u/s 54F Rs.48106.00(Rs.341745*250000/1776000)
2nd part ans Rs.814000.00.. Sale consideration Rs.3400000.00-brokerage Rs.68000.00-ICOA Rs.1704000.00=LTCG Rs.1628000.00.. Less:exemption u/s 54F Rs.814000.00(1628000*1666000/3332000).... Answer Rs.814000.00
Net consideration is Rs.1776000.00(Rs.1800000-Rs.24000) in 1st case.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register