Arvind (Service) 18 March 2009
BY APPLYING COST INFLATION INDEX WE ARRIVE AT THE CURRENT PRICE OF AN OLD ASSET WHICH IS FOR SALE.
FLAT BOUGHT IN 1990 RS 1.65 LACKS
VALUE AS ON DATE AFTER APPLYING COST INFLATION RS.5 LACS APPROX.
HOWEVER,MINIMUM PRICE FOR WHICH STAMP DUTY HAS TO BE PAID RS.10.LACS
AMOUNT AGREED TO BE REGISTERED RS.12 LACS
WHAT WILL BE MY CAPITAL GAIN AMOUNT..... WHETHER RS. 7 LACS(12 LACS -5 LACS) OR
RS. 2 LACK(12 LACS - 10 LACS)
A V Vishal (Advocate) 18 March 2009
The Amount of Capital Gains will be & lakhs and NOT 2 Lakhs. The Higher of the registration value or the registered value will be considered. Refer S.50C of the Income Tax Act, 1961 for complete details
Arvind (Service) 19 March 2009
Thank u Mr Vishal.
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