POSTED BY June 28, 2012 11:27 am COMMENTS (2)
ONI had a query regarding LTCG(Long term capital gain)
I had purchased a flat in Mumbai for Rs. 277000/- in year 1992 got the possesion from the builder in 1997.
I sold the same flat for Rs. 2500000/- on 22/3/2012. I am going to invest the amount in the new Residential house but it will still take 3-4 months to final the new house.
It would be very helpful is you could please let me know how much amount i should invest in Capital gain account and also by what date?
It would be great if you could share the calculations.
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Dear Ravi, Here is the calculation for LTCG.
Year of purchase = 1992-93
CII of purchase year = 223
Purchase price = 277000
Sell year = 2001-2012
CII of sell year = 785
Indexed purchase price = 277000*785/223 = 975000
Sell price = 2500000
Indexed Long Term Capital Gains = 2500000 – 975000 = 1525000
So you need to invest 1525000 Rs. in Cap. Gain saving account. Please do it before filing your ITR.
Thanks
Ashal
Thanks Ashal, your reply helped a me a lot.