Capital gains tax to be paid

Did you make any payment when allotment letter was issued to you? 

Was the car parking a part of agreement and was it compulsory?

What is the date of gas connection charges and DG installation and have you mentioned in the sale deed that its the part of agreement?

Also provide the date when above payment was made.

The sale consideration for your sale would be 9402181.

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Thank you.

What is the difference of 136000 between 3279290 and 3715290 less 300000.

Indexed cost of acquisition would be 73,46,620/-.

Gas connection charge and DG charge was made at the time of allotment in 2007?

The capital gain by taking into consideration only the cost comes to Rs. 20,55,555/-.

If you need detailed working it would be better if we can discuss the detail over phone consultation.

Hi,

Hope you are doing well !!

There will a long term capital gain of Rs.20.55 lakhs.

It is calculated as below:

Sale consideration -Indexed COA= (Rs 94.02 lakh- Rs 73.47)= Rs. 20.55 Lakh

The indexed COA= Rs 32..79 lakh /129*289=Rs.73.47 lakh

The capital gain will be taxed at 20.8% i.e. 20.8% on Rs 20.55 lakh.

You need to pay the capital gain taxes of  Rs ~ 4.27 lakh.

Further, to get capital gain exemption u/s 54EC, the bonds should be bought within 6 months of the sale of the asset.  

Hello,

Considering Rs. 3279290 as the cost of acquisition as mentioned by you in your 2nd query, LTCG would be Rs. 20.56 Lakhs. Taxable at 20%.

It is advisable to consult a CA directly or take a phone consultation for detailed computation of capital gain amount.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

You will have to invest the capital gain amount in 54EC bonds within 6 months from the date of transfer of the property to claim the exemption u/s. 54EC.

Hi

The stamp duty value i.e. 9402181 shall be considered as sales consideration. The cost of acquisition shall be indexed according to the year of various payments. 

The date of allotment i.e. 6/10/07 shall be date of acquisition.

Hello Sir,

The Sale price of your flat is Rs. 94,02,181.

The purchase price of your flat would be indexed and your Indexed Cost of Acquisition would be Rs.73,46, 626 (Rs. 3272790*289/129) and therefore your Long Term Capital Gains would be Rs. 20,55,555.

You will be liable to pay the LTCG tax @ 20.8% on Rs. 20,55,555 i.e. Rs. 4,27,555.

We may assist you with detailed capital gain calculations.