Purchased a land in 2011 and now it will be sold. Then how many tax for LTCG will be calculated by the department (IT) with or without CII.
1 Answers
Hi,
You can claim indexation benefit using CII.
Long Term Capital Gains Calculation;
The LTCG calculation is similar to STCG. The only differences are, you are allowed to deduct Indexed Cost of Acquisition/Indexed Cost of Improvements from the sale price and also claim certain exemptions to save capital gains tax.
.
Below is the Cost Inflation Index Table from 2001-02 to FY 2017-18 for your reference.
How do you calculate the indexed cost of purchase? The indexed cost is calculated with the help of a table of cost inflation index.
Divide the cost at which you purchased the Property by the index as on the date of the purchase. Multiply this by the index as on the date of sale.
Below is the Cost Inflation Index Table from 2001-02 to FY 2017-18 for your reference.
How do you calculate the indexed cost of purchase? The indexed cost is calculated with the help of a table of cost inflation index.
Divide the cost at which you purchased the Property by the index as on the date of the purchase. Multiply this by the index as on the date of sale.Please login or Register to submit your answer