Priya (Article Assistance) (44 Points)
21 January 2015hiee all
Assesse has a XYZ property which he sold for Rs. 1 Cr. in A.Y. 2014-15. he had mad sale agreement for the same. Stamp Duty for the same is paid and Advance token of Rs. 10L is recived during the same period. what would be its tax Liability as LTCG for the A.Y. 2014-15. Further he has not recevied any payment installment in A.Y. 2014-15.
CA Final Student
(and Trainee Accountant)
(373 Points)
Replied 26 January 2015
Assuming TRANSFER took place in PY 2013-14
Total Consideration received - Rs. 1 Cr (Add the difference amount, if Stamp duty "Value" is more than 1 Cr.)
Less
1. Indexed cost of aquisition - Rs. XXXXX
Net - XXXX (Capital gain)
Tax @ 20.6% on capital gain
CAclubindia
