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Q.

How to calculate capital gaintax for flat purchase on 31/03/1981 for Rs 238500/ sold at Rs 3600000/ in May 2008 .Longterm Capital Gain=concideration-expencesontransfer-cost of accuisition-INDEXED cost improvement. Pl guide me for INDEXATION

Asked by rohit Mehta, 10 Oct '08 07:25 pm
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Answers (2)

1.

June 23, 2005 number of readers have been sending us queries on capital gains related to the selling of their home. A typical query would be that they booked an apartment a few years ago for which they took a loan. Now that they are earning more, they would like to sell it for a bigger apartment. The first question that comes to mind: what about capital gains? Here are some of the most frequently asked questions on capital gains. 1. Do I have to pay capital gains tax if I sell my home? When you sell any asset you own (house, land, shares, mutual fund units, gold, debentures, bonds) and make a profit, it is known as capital gain. The tax you pay on this profit is called the capital gains tax. If you make a loss (you sell at a lower price than what you bought it for), you incur a capital loss. House property is a capital asset. Its sale attracts capital gain or loss. Depending on how long you owned the house before you sold it, the money you make on the sale woul ...more
Answered by Rohan Shir, 10 Oct '08 08:00 pm

 
  
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2.

There is a ready reconer for indexed cost for May.2008. Multiply 238500 by that index and subtract from 3600000. The net value obtained is your capital gains. In the return head capital gains please fill in the amount and tax paid
Answered by SHIRISH SHIROOR, 10 Oct '08 07:46 pm

 
  
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