Example 1

Suppose an asset purchased for 30000 ,next month sold for 40000 

What is 

  1. Full Value of Consideration
  2. Cost of Acquisition
  3. Short Term Capital Gain  
View Answer

Example 2

Suppose an asset purchased for 30000 ,2000 spent on repairing,next month sold for 40000 

View Answer

Example 3

Suppose an asset purchased for 30000 ,2000 spent on repairing,next month sold for 40000 

Also Rs 1000 Commission paid to broker for Sale

View Answer

 

COMPUTATION FORMAT

FORMAT AMT
Full Value of Consideration XX
Less  
Expenses of Transfer XX
COA(Cost of Acquisition) XX
COI (Cost of Improvement) XX
Capital Gains XX
Less  
Exemptions u/s 54 etc XX
Net Income from Capital Gains XX

Here

Full Value of Consideration (FVC)
This means the Selling Price i.e. the amount received on Sale of the Asset

 

Expenses of Transfer
It means the expenses incurred on Sale etc like Stamp Duty, Brokerage/Commission paid to Agent etc

 

Cost of Acquisition (COA)

It means the purchase price of assets.

 

Cost of Improvement (COI)

It means cost of improving the asset i.e. any cost of modification or enhancement of value of asset.

 

QUESTIONS

Q1
Suppose jwellery purchased for Rs 100000 on 10 April 2015.It was sold for Rs 130000 on 20 March 2016
Compute Capital Gain

View Answer

Q2
Suppose Mr A  purchased Property for Rs 15 lacs on 10 April 2015. Mr A spent 8 lacs on construction of the house property, which was sold for Rs 40 lacs on 20 March 2016.
Compute Capital Gain

View Answer

Q3
Suppose In Q2 Mr A gave 1% commission to Broker on Sale of Property

View Answer

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.