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Regarding capital gains

28 September 2020

Sir I was purchased the commercial property in the Asstt year 2006/7 for Rs 1000000Rs ten lacd made the addition/renovation for Rs 500000/Rs five lac and in the Asstt years 2019-20 I have sold my said property for RS 3300000RsThirty three lac Sir I want to know that my said transaction comes under the capital gains tax.

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 28 September 2020

Sale Consideration...33,00,000 (Sold in F.Y 2018-19)
Index cost................35,89,743..[{15,00,000/117*280} (assume renovation also made in F.Y 2005-06 at time of purchase)]

So, it's long term Capital Loss.. You have do disclose all this things in return.
No Capital Gain tax payable, you can carry forward this loss to next year's.

Note :Last date to file Return for A.Y 2019-20 is 30th September, 2020 only.