LTCG Tax

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  1. Jayraj

    Jayraj New Member

    Sir,
    I have sold my residential house. Details are given below.
    Purchase September 2004 Rs. 17,03,775=00
    Sold May 2015 Rs. 45,00,000=00
    I would like to know capital gain amount. How much I will have to invest and period to save tax. I am senior citizen. If I purchase flat for the amount less than total current cost considering LTCG how much and when to invest to save CGT (Within 3 years?)
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    Indexed Cost of Acquisition = 17,03,775 * 1024/480 = 36,34,720 (approx)
    Sale Price = 45,00,000
    Capital Gains = 865280

    You only have to reinvest Rs. 8,65,280 to claim full exemption from Capital Gains Tax. If you reinvest a lower amount than this, you would be required to pay Capital Gains Tax @ 20% on the amount not invested
     
    Jayraj likes this.
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