Cost Inflation Index for Financial Year 2011-12 / Assessment year 2012-13
In exercise of the powers conferred by clause (v) of explanation to section 48 of the Act, CBDT has notified 785 as the cost inflation index, in respect of computation of gains arising on the transfer of long term capital asset. The said inflation index is applicable for financial year 2011-12.
COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12
NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-6-2011
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—
In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—
| “31 | 2011-12 | 785″ |
i purchased the plot in dehradun in combined name of my wife and self in year november 2006 at the rate of 1250/sq mtr total land area 223.04 sq mtr.
in year 2013 i sell the property at circle rate of 5000 / sq mtr.
how much tax i have to pay and if yes than how can i save this amount.
Dear Sir,I booked my flat in Sep 07. I got possesion in Jun 09. I am selling my flat in Sep 12 for 45 Lacs
As per agreement, my flat basic cost was Rs. 31,56,450; Parking cost 1,30,000; MSEB 95,000; Registration 30,000; Stamp Duty is 1,47,372
What will be capital gain?
My wife’s ancestrol property Pune which was constructed around 80 years ago has been given to a promoter for making a multistorey complex which will be ready in 4 years time.As a part of the deal she has received some cash around March 2011 and signed the agreement around May 2012.We have purchased another property(50% share both) and signed an agreement in the year Feb 2011 whose value is more than the amount which she has received.Can you please let me know how do I calculate the capital gains tax on the cash received and by what date we need to pay the capital gains tax?Also my wife is working.So do I need to add the capital gains tax to her income tax and then pay the tax?
Gaurav u have to pay approx 50,000/- tax
I bought one flat in Oct 2008 at the price of 20 lacs and now i am want to sell this after this oct( after 3 yrs). I am getting the deals at a price of 45 lacs.What will be the tax on my long term capital gains. My curent salary packagae is 8 lacs per anum.
I bought one flat in Oct 2008 at the price of 20 lacs and now i am want to sell this after this oct( after 3 yrs). What will be the tax on my long term capital gains. My curent salary packagae is 8 lacs per anum.
I built a house at the cost of Rs 10 lakh (including the price of land and registration) in 1992-93. If I sell it for Rs 50 lakhs in June 2012, what will be my long term gain?
is there any charge for subscription, if yes , i kindly requesting you to cancel my request of subscription
I purchased plots ( Various ) at my native between 1997 & 1999 for 3 Lacs. I propose to sell the same for and invest on house purchase in chennai for 80lacs. Present market value of the plot will be 40 lacs. What will be the long term capital Gains & what will be the tax required to be paid?or Do I need to pay capital gain for this transaction?
i want to learn about long term capital gain in respect of house property which is going to sell in this fy for about rs.26 lacks which was built in april 2011 for rs.7 lacks. I want to know the capital gain on sale of above proerty and the tax thereon and i want to know whether i can invest the capital gain in any bonds which can save income tax. and i also to know whether the interest gained in bonds is taxable at the time of maturity. Kindly advise me in this respect.
With regards
I have purchased a flat( under construction) in 2008-09. Now planning to sell in next 1 month. Flat in still under construction. Can I still claim the tax benifit on the capital gain on this property which is not in my possession ( under construction)
I have paid full and final payment for a ready built house in Feruary 1990 and I have occupied the flat immediatley(Possession letter those days were not given at Nagpur). The flat was registered in my name in April 1991. Kindly confirm how the indexing is to be carried out as I am selling the flat and I do not have any plan to purchase a new flat. The cost of flat was 2 lacs and I have spent around Rs.40000/- for making wardrobes etc for whihc I donot have any bills to indicate the cost of furnishing etc.
મે વર્ષ ૨૦૦૦ મા બે દુકાન લીધેલ,રુ ૧૩૭૫૭૦ મા અને ૨૦૧૨ મા રુ ૫૦૦૦૦૦ મા વેચી તો incom tax કેતલો ભરવો પડે.
My son purchased plot of land at BANGALORE on 21-03-2005 for Rs38.0 Lac but registered for Rs12.0 Lac. I am his father residing at CHENNAI & PA holder. He proposes to sell the plot now & purchase house at LONDON. Present market value is Rs100.0 Lac. What will be the long term capital Gains & what will be the tax required to be paid?
Hi
You can but before finalizing read Section 54 and its various subsection relating to exemption from tax as dates mentioned are quite important in LTCG calculations
I had purchased the house in jan 2003 at the rate of 9.0 lacs and furniture around 1.0 lac now i want to sell the flat i think it will sell around 35 lacs , if i want to invest the amount in buying a resitial plot , then i acn avoid the long term gain tax or not