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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
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9 96. mr. rajendra purchased a plot ot land in pune for 7 70,00,000 on bthn july 2012. he constructed a residential house on this plot, which was completed on 8
9 96. Mr. Rajendra purchased a plot ot land in Pune for 7 70,00,000 on bthn July 2012. He constructed a residential house on this plot, which was completed on 8th October, 2015. The cost of construction was R50,00,000. The entire house structure was sold for 2,10,00,000 on 6th August, 2017, which includes 1,50,00,000 for land and balance for the superstructure. What can be the capital gain on sale of house for the A. Y. 2018-19 ? C.II. for previous years 2012-13, 2015-16 and 2017-18 is 200, 254, 278 respectively. (A)64,80,000 (B) 90,00,000 (C)30,00,000 (D) 780,00,000
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Prof. dipak
*Correct option - A* The land was held from 5th July 2012 to 6th August 2017 = 60 months This is above 24 months, which means the Gain is a Long term Capital Gain, and it needs indexation. The building was held from 8th October 2015 to 6th August 2017 = less than 24 months This means the Gain is a Short term Capital Gain, and it does not need indexation. LAND: Cost of Acquisition (COA) = Cost x (CII of AY 2017-18) / (CII of AY 2012-13) Cost of Acquisition (COA) = 70,00,000 x 272 / 200 = 95,20,000 Sale Price = 1,50,00,000 LTCG = 1,50,00,000 - 95,20,000 LTCG = 54,80,000 BUILDING Cost = 50,00,000 Sale Price = 60,00,000 STCG = 60,00,000 - 50,00,000 STCG = 10,00,000 Capital gain on sale of house = 54,80,000 + 10,00,000 = 64,80,000