Capital gain tax

K.K.Ganguly (Querist) 11 December 2010 This query is : Resolved
Will the hon'ble Experts enlighten me about the following?
1) I had bought a flat at Rs.35 lakhs in July,97 & sold it at Rs.1.75 Crores in July2010.
2)I had paid Rs.70,000/- towards brokerage while buying &
3) Spent Rs.5,00,000/- towrads renovation while buying

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A V Vishal (Expert) 11 December 2010
As per the details given by you, the total cost of acquisition & improvement on purchase of the flat is Rs.40,70,000. The indexed cost of acquisition & improvement is Rs.87,42,510 (Being CII notified for F.Y 1997-98 @ 331 & F.Y 2010-11 @ 711). The Capital gains is Rs.87,57,490. Tax will be @ 20.3% on the capital gains calculated as above. Alternately you can save taxes by reinvesting the capital gains in any modes referred in S.54 or 54EC.

Arun Kumar Bhagat (Expert) 11 December 2010
I agree.

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