Long Term Capital Gain Tax - Calculation help required..

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  1. Indermohan Kapoor

    Indermohan Kapoor New Member

    Dear Members,
    Please let me know the Long Time Capital Gain Tax on below mentioned property:

    I purchase a flat on 20th June 2006, total aquisition cost was 28,40,000/- (including stamp duty & registration charges).
    Whereas I sell my flat on 31st Jan 2014 & selling price 38,00,000/-
  2. Parul_Gupta

    Parul_Gupta Active Member

    The flat has been held for more than 3 years and therefore it is a Long Term Capital Gain and the Cost of Purchase would be indexed.

    Sale Price = 38,00,000
    Indexed Cost of Acquisition = 28,40,000 * 939/519 = 51,38,265

    Loss on Sale of Asset = 13,38,265
    Shah Yash likes this.
  3. Indermohan Kapoor

    Indermohan Kapoor New Member

    Thanks Akanksha..
    Please let me know
    Whether I have to pay any kind of TAX on selling of this flat which is in negative (LTCG) and if there is any TAX on negative sale as in your reply..than what will be the amount I need to pay & how I proceed for payment on negative capital gain to Income Tax Department ??
  4. Parul_Gupta

    Parul_Gupta Active Member

    No Tax would be paid on this Sale of Property as a Loss is arising from sale.

    However, you would be required to disclose this in the Income Tax Return. Moreover, you would be allowed to claim a set-off of this loss against Capital Gains which may arise in future.

    This link may help - http://www.charteredclub.com/capital-loss/
  5. Indermohan Kapoor

    Indermohan Kapoor New Member

    Thank you very much Akanksha,
    It help me lot to understand the LTCG-TAX on selling off my flat.
    I filed online ITR on 31st July 2014 afternoon.

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