CALCULATION FOR CAPITAL GAINS UNDER SECTION 54F & 54EC
Querist :
Anonymous
(Querist) 20 March 2010
This query is : Resolved
PLEASE CONFIRM WHETHER THE UNDER MENTIONED CALCULATION FOR EXEMPTION UNDER SECTION 54F & 54EC IS CORRECT OR HAVE I MISSED OUT ANY ASPECT.FOR CALCULATION PURPOSE I HAVE ASSUMED THE INDEX FOR FY 2009-10 AS 610 WHICH IS CERTAINLY LOWER THAN EXPECTED, THIS IS TO BE ON THE CONSERVATIVE SIDE.
FINANCIAL TRANSACTION DETAILS
1. COST OF PLOT (OCT 2004):RS 18,66,300.00 (INCLUDING STAMP DUTY) _________________________
TOTAL COST RS 18,66,300.00
______________________
2. INDEXED COST : 18,66,300.00 X 610/480 = RS 23,71,756.00
3. BROKERAGE COMMISSION :RS1,90,000.00 ___________________
FINAL COST : RS 25,61,756.00 _______
4. SALE PRICE OF PLOT (DEC2009) : RS 60,00,000.00
5. COST OF FLAT BOOKED ON RESALE (DEC 2009): RS 54,33,000.00
 100% PAID TO BUILDER : RS 51,75,000.00
 TENTATIVE COST OF REGISTRY : RS 2,58,000.00 (TO BE PUT IN CAPITAL GAIN A/C)
6. LTGC:
RS 60,00,000.00 – 25,61,756.00= RS 34,38,244.00
54,33,000.00/60,00,000.00 X 34,38,244.00 = RS 31,13,330.00
7. NHAI BONDS TO BE PURCHASED: RS 34,38,244.00 – 31,13,330.00 = RS 3,24,914.00
SUMMARY
•FINAL COST OF PLOT : RS 25,61,756.00
•SALE PRICE OF PLOT : RS 60,00,000.00
•COST OF FLAT : RS 54,33,000.00 (INCLUDING COST OF REGISTRY)
•AMOUNT PUT IN CAPITAL GAIN A/C : RS 2,58,000.00 (COST OF REGISTRY)
•NHAI BONDS : RS 3,24,914.00
Kumar Thadhani
(Expert) 20 March 2010
Yes OUR WORKING OFL.T.C.G.is correct provided that you has assumed indexed for A.Y.2011-12.@ 610
Vineet
(Expert) 20 March 2010
Working is correct. just include brokerage and commission to the cost price before indexation. This will further benefit you.
soumitra basu
(Expert) 22 March 2010
You have to see whether the registered value of the Plot is 60.00 Lacs or more. If more, then the calculation is wrong.
