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Your client had inherited a property of market value of Rs. 50 lakh from his grandfather on 28th December 2009. His grandfather had acquired this property on 1st September 2001 for Rs. 12 lakh. He sold this property for Rs. 70 lakh in January 2017. Compute the capital gains/loss for AY 2017-18. Cost inflation index for FY 2001-2002 : 426, 2009-2010: 632, 2016-17: 1125
a. 18,30,986
b. 20,00,000
c. 31,69,014
d. 38,30,986
Ans - d
Solution :
Acquisition price of the property : 1-Sep 2001 = 12,00,000
Market Value when inherited: 28-Dec-2009 = 50,00,000
Sales consideration : January 2017 = 70,00,000
CII: 2001-02 = 426
CII: 2009-10 = 632
CII: 2016-17 = 1125
Index cost of acquisition for Capital Gains = 31,69,014 (1200000*1125/426)
Capital Gains = 38,30,986 (7000000-3169014)
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