Purchased a flat on 1997-98 accounting year for Rs.6,60,000/- as booking amount and Rs.70,000/- as maintenance deposit. Sold the Flat on 2010-11 accounting year for Rs.35,21,511/-. Paid brokerage commission Rs.2,15,000 to broker. I also purchased a land & house for Rs.1,65,00/-.

Please calculate the capital gain tax and supply the details of the computation.

thans.

kaushik


Admin’s Response:

The capital gain in this case would be calculated based upon the date of possession which is not mentioned in the query.