calculation of long term capital gain

Querist : Anonymous (Querist) 11 March 2010 This query is : Resolved
iam a widow lady ihave purchased a residential plot in april 1994 for rs. 147500 and after that i have paid 212422 as enhancements and convyencedeed expenses and i sold it on feb-2010 for 2600000 and paid 100000 as comission to property dealer and after that i have purchased a booth(commercial)in feb 2010 please calculate the l.t.c.g and is there any benifit for widow lady in income tax..

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Kumar Thadhani (Expert) 11 March 2010
Your query is still incomplete .What is enhancement whether it is capital expenditure or revenue expenditure how much?What is capital are allowable as expenses .whether you commission or brokerage.Only Brokerage are allowable as expenses. Kindly clarify? THEN WE CAN WORKOUT.l.t.c.g.

Vineet (Expert) 11 March 2010
The nature and date of enhancement expenditure is required to provide you calculation of LTCG.

The investment of sale porceeds in commercial booth is not going to allow you any tax exemption so the same becomes irrelevant in the capital gains computation.

Unfortunately there is no seperate benefit to a widow lady under Income Tax Act.

Raj Kumar Makkad (Expert) 11 March 2010
I do agree with vineet

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