After death of parents of a lady the residential land has been sold. Please guide me with below mentioned details to calculate CG for F.Y. 2011-12.
Cost of Land at year-1975: Rs. 1500.00
Development of land & building in year 1975: Rs. 85000/-
Sale of Land & Building in August, 2011 for Rs. 14,00,000/-
Other Income from Interest-28190/-
Pls provide Capital Gain Tax for F.Y. 2011-12
Long Term Capitasl gain on sale-
Sale Consideration-xxxxx
Less-Indexed Cost of Acquisition xxxx
(where cost of acquis =Fair mkt value as on 1/04/1981)
Less-Transfer Exps xxxxx
Note- Improvement Exps incurred before 01/04/1981 is to be ignored because the same is deemed to be included in the FMV as on 01/04/1981.
Then as per above calculation what will be the tax amount
CAclubindia
