Krishanu Chowdhury (153 Points)
26 April 2017I HAD PURCHASED A LAND FOR RS 30 LACK IN 2011. I SOLD THAT LAND IN 2016 FOR RS 55 LAC
IS THIS A LTCG OR STAG?
IF ĹTCG HOW TO SHOW IT IN AY:2017-18?
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 April 2017
if it is an agricultural land no capital gains if not it is a long term capital gain
Computation of capital gain
Sale of land 55 lacs
less expenses on transfer nil
less indexed cost of acquistion =30 lacs*1125/785=4299363
capital gains =1200637
long term capital gains @ 20% on 1200637=240127
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 April 2017
LTCG is exempt u/s 10(38) if the assets are shares or equity oriented mutual funds on which STT is paid
Studentsca
(CA Practice )
(3577 Points)
Replied 26 April 2017
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 April 2017
yes you can ivest the capital gain either in capital gain account scheme before filing the return or 54 EC Bonds within 6 months but you need to buy another asset to get the capital gains tax as exempt before the lock in period expires
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
