Capital gains
krg
(Querist) 02 July 2013
This query is : Resolved
i have purchased a flat for rs 5700000 the sale deed registered on5.11.2008 andthe flat was handed over later i sold it on07.9 2012 for rs 5750000 how to calculate long term capital gain tax cost index should be taken registered year or the year of handing over year
Anirudh
(Expert) 02 July 2013
Please indicate in which City/Town the property is situate.
Pl. indicate whether you sold the flat to any of your relatives or outsider?
krg
(Querist) 02 July 2013
the property is in coimbatore tamilnadu i have sold to out sider
Anirudh
(Expert) 02 July 2013
You can calculate the LTCG from the date of registration.
However, I have a very serious doubt about the price at which you sold the property that too after a period of nearly 4 years! In fact such a cost indexation will show that you incurred a heavy capital loss - which the department would view with high suspicion.
C. P. CHUGH
(Expert) 02 July 2013
Please indicate if the stated sale price of Rs. 57.50 lac is actual consideration or the stamp duty value. As per provision of section 50C Now LTCG is to be calculated by replacing stamp duty value (where it is higher than actual consideration) for actual consideration. In case your stamp duty value is greater than the stated consideration, calculate accordingly, otherwise it is a case of long term capital loss.
Rajendra K Goyal
(Expert) 02 July 2013
Agreed with expert C.P.Chugh ji, nothing more to add.
R.K Nanda
(Expert) 02 July 2013
nothing to add.
