You have not indicated what asset under question is subject of long term capital gains. Whether these are shares/debentures etc, land and building - house etc, machinery or anything else. The capital gains arising out of each such asset would have different treatment following methods prescribed for each such assets.
2007-03-25 18:11:30
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answer #1
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answered by helpaneed 7
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The auditors have indices for the year of purchase
(1985-86) and the year of sale( 2006-07). The purchase value will be deducted and the tax due will be easily known
2007-03-26 00:22:53
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answer #2
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answered by Ayyemmai 1
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You have the indexing done, to arrive at the value in 2006-07, you will probably find it is close to 200,000, for 30,000 in '85. (Please note that it is very approx., to be confirmed from the tables kept with auditors.) So, the net gains would be about 3.1 lk, for which the tax might work out to about 60,000 (one-fifth). But if you invest in certain specified bonds, the tax would be waived!
2007-03-26 00:29:26
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answer #3
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answered by swanjarvi 7
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First of all specify which asset is sold?
If I asssume it is house property & if it is only house that you have then if your capital gain can be exempted if you purchase/ construct new house with in 2 years from date of sale or with in one year before sale .
However f this is not the case then your liablity will be as follows:
Sale consideration =611000
Less : cost of transfer = 0
Net consideration =611000
Cost of acquisition =112106
LTCG =498894
Note you can claim exemption under sec 54EC.
(30000*497/133)
2007-03-28 05:00:29
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answer #4
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answered by Sunnykvb 1
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Original Cost 30000 in 85-86 at index of 133 %
Current index 497 %
Cost at the current index 30000 ( 497-133 ) % = 109200
Tax will be ( 611000-109200 ) X 0..20 = 100360
2007-03-26 00:38:15
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answer #5
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answered by Shemit 6
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give more detailes, as tax rates r different in each case.
2007-03-26 02:32:38
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answer #6
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answered by renuka y 2
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