Computation of long term capital gains in disposal of plots

Radhakrishnan (Querist) 05 January 2013 This query is : Resolved
I purchased a plot on hire purchase in 2002 for Rs. 1,50,000/- at an instalment of 2740/- pm. Now in 2013, I am disposing the same at a sale consideration. What is the method of calculation of capital gains. Whether the interest or and principal paid to the financial institution to be computed while working out the capital gain. kindly elucidate me on what pretext i can seek exemption of tax and up to what extent.

Radhakrishnan

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Raj Kumar Makkad (Expert) 06 January 2013
Obtain the services of a Chartered accountant for this calculation work.

R.venkatesh Naidu (Expert) 14 January 2013
you consult a chartered account for your clarification. I think that there is no capital gain for 1st purchase and sale

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