Dear Sir, My wife had shop which was rented, same sold for 60Lakhs in May 2022 & purchased cost was 4 lakhs in year 2002. 51 lakhs have been re-invested in another commercial project in March2023. Request to confirm how much she had to pay as capital gain for ITR year 2023-24
Ans: To calculate the capital gains tax for the ITR year 2023-24, we need to determine the capital gains made from the sale of the shop.
Calculation of Capital Gain:
Sale Proceeds - 60,00,000
Less Indexed Cost of Acquisition - 12,60,952 (= 4,00,000 / 331 X 105)
Capital Gain = 47,39,048
Capital gains tax = Capital gain X Tax rate
=47,39,048*20%
=Rs 9,47,809
Your wife is required to pay the tax of around 9.47 Lakhs on the gain of 47.39 Lakhs.
Disclaimer- kindly contact a CA for exact figure and calculation as the above has been calculated on relevant information provided, the above values may change subject to other facts.