Mr. Ashish entered into an agreement with Mr. Dhaval to sell his residential house located at Navi Mumbai on 16.08.2023 for 80,00,000. The sale…

Computation of income chargeable under the head "Capital Gains" for A.Y. 2024-25 Particulars ₹ Capital Gains on sale of residential house Actual sale consideration 80 lakhs Value adopted by Stamp Valuation Authority 90 lakhs Full value of sale consideration [Higher of the above] 90,00,000 [As per section 50C, where the actual sale consideration is less than the value adopted by the Stamp Valuation Authority for the purpose of charging stamp duty, and such stamp duty value exceeds 110% of the actual sale consideration, then, the value adopted by the Stamp Valuation Authority shall be taken to be the full value of consideration. In a case where the date of agreement is different from the date of registration, stamp duty value on the date of agreement can be considered provided the whole or part of the consideration is paid by way of account payee cheque/bank draft or by way of ECS through bank account on or before the date of agreement. In this case, since 20% of 80lakhs is paid through account payee bank draft on the date of agreement, stamp duty value on the date of agreement can be adopted as the full value of consideration] Less: Indexed cost of acquisition of residential house [20lakhs x 348/100] 69,60,000 Long-term capital gains [Since the residential house property was held by Mr. Ashish for more than 24 months immediately preceding the date of its transfer] 20,40,000 Less: Exemption under section 54 15,00,000 The capital gain arising on transfer of a long-term residential property shall not be chargeable to tax to the extent such capital gain is invested in the purchase of one residential house property in India within one year before or two years after the date of transfer of original asset. Long term capital gains chargeable to tax 5,40,000