Long Term Capital Gain

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  1. Anirudha Surange

    Anirudha Surange New Member

    Dear Sir,

    I had purchased a flat on 7th July 2007 for Rs. 24,78,000 as a co-owner. The other co-owners were my wife and my mother.

    We sold the above mentioned flat on 15th July 2015 for Rs. 74,00,000 and purchased a under construction flat on 31st July 2015 for Rs. 59,00,000. The owners of this flat are me and my wife.

    1. What will be the amount of capital gain for me and my wife?
    2. What will be the amount of capital gain for my mother? Though she is not an owner of the new flat purchased but her share was already utilized for the purchase of new flat,
    Aniruddha Surange
  2. ZED

    ZED Well-Known Member

    The entire capital gain is exempt in your case.
    The capital gain shall accrue to all 3 of you in ratio of your holding in that flat.
    Even if the flat is not in mothers name, I recommend that her name be added as co-owner so as to avoid litigations.
    All 3 of you will have to file return and claim exemption u/s 54.

    Capital gain
    Sales consideration 74 Lacs

    Less Indexed Cost of acquisition 24,78,000 X 1081/551
    Less cost of transfer (brokerage , if any)

    Less Indexed / cost of Improvement (if any)

    Cap gain = 25,38,442
    Divide it on the basis of share of each co-owner.
  3. Anirudha Surange

    Anirudha Surange New Member

    Thanks Zed for the clarifications.
    ZED likes this.
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