information required about capital gain.

[vasanth kumar]

Dear Sirs,

 

Please help me about taxation policy for capital gain,

 

One of my relative is going to sell his BDA site what is the tax formalities. will entire thing of the proceeds will considered as income?

 

please give me clarification

 

[Apurv Relan]

we need more information than what has been stated below. Capital Gains is the difference between sale price and cost price. if the capital asset has been held for a long time (more than 36 months in case of immovabl property) then the assessee can claim the benefit of Cost inflation index and the cost price would be increased in the ratio of cost inflation index and the taxable gain is calculated by using the indexed related cost and tax is payable at 20% of suh gain.

 

 

Best regards,

 

Apurv Relan

Apurv Relan & Co.,

Chartered Accountants

E-102, DDA Flats,

Ekta Apartments,

Saket, New Delhi - 110017

Tel: +91 11 26512307

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[Venkata Mohan Rao Kunapaneni]

First you have not given the particulars of property, value of the property, date of the property purchased. purchase price , sale price. Assessee status. what is his( her) other sources of income.

Before advising all the above factors are to be considered.

1. If property purchased  > 36 months backs. Long term cpital gains tax has to be paid after taking indexation. If he has no other taxable income in his hands this year, basic exemption upto Rs. 1.50 lakhs also can be availed.

CA. KVMR, Hyd

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Date: Mon, 16 Nov 2009 17:19:18 +0530

Subject: [IndianTax] information required about capital gain.

From: vasa...@gmail.com
To: indi...@googlegroups.com

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[Singhal]

Hi Vasant

First of all you need to know whether ur assets is a capital asset or
not as per IT Act.

If u could clarify little about BDA site, it would be helpful to guide
u out better .

For any futher clarification kindly mail or contact us

CA Ankit Singhal
+91-9982190005

[kim]

So whats up