Purchased two plot adjacent.
Plot 1 in 1984 purchasing cost 1500.
Plot 2 in 2003 purchasing cost 25000 .
Sold these two plots in may 2018, selling Price is 425000 together.
FMV of plot 1 in 2001 was 45000.
So, total Cost of Acquisition of two plots in 2018 is around 187000.(by using new CII index)
Cii for 2001,2003 and 2018 are 100,105 and 272 respectively .
Capital gain= 425000 - 187000= 238000.
Q1.Do I have any long term capital gain tax liability ?(provided I don't have any income in that fy)
Q2.If any, How much tax I have to pay ?
Q3. Do I have to file return if tax liability is nil after substraction the acquisition cost from sell value ?
Please clarify. Thank you.
CAclubindia
