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LTCG

Tax queries 959 views 3 replies

Hi

For calculating LTCG which was the base year for indexing

  1. year of possession or year of Ist / major part of Improvement

detail of case:

  1.  A person who sold his house for Rs 70lcs and invested 50 lacs in bonds u/s 54EC.
  2. He had paid the  amount in installments from F Y 1987-1988 (major Portion ie Rs 2,40,100) balance paid in further  installments up to 2002
  3. he got the posssession of house in F Y 1992-93
  4. please help me in indexing,  LTCG and Tax payable by him

 

Thanks

 

 

Replies (3)

 hi

for calculating ltcg on sale of house as we purchase house in the year of 1987 88. the base year is 1987 88

hemant

Originally posted by :Jyoti Malik
" Hi
For calculating LTCG which was the base year for indexing

year of possession or year of Ist / major part of Improvement

detail of case:

 A person who sold his house for Rs 70lcs and invested 50 lacs in bonds u/s 54EC.
He had paid the  amount in installments from F Y 1987-1988 (major Portion ie Rs 2,40,100) balance paid in further  installments up to 2002
he got the posssession of house in F Y 1992-93
please help me in indexing,  LTCG and Tax payable by him

 
Thanks
 
 
"


 

 the base year for indexing shall be 1987-1988

Helo Jyoti

U  can calculate LTCG as following

Full consideration of sold assets

Less: Expenses on sale (i.e. commission brokrage)

Less:  :Indexed cot of purchase (i.e. indaxtion of purchaseing year 1987-     1988)

Less: Indexed cost of inmprovment (i.e. indaxtion of improvmenting year)

Less: Exemption u/s 54

Regards

Navin Jain


CCI Pro

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