As per section 48 of the income tax Act, 1961 the income chargeable under the head “Capital Gain” shall be computed by deducting from the value of the consideration received or accruing as result of transfer of the capital asset the following amounts, namely:-
- Expenditure incurred wholly and exclusively in connection with such transfer.
- The cost of acquisition of the asset and the cost of any improvement thereto.
Long term capital gain | Amount |
Sale consideration Less: Indexed Cost of acquisition Indexed Cost of improvement Cost of transfer | ****** ***** ***** *** |
Capital Gain Less: Deduction u/s(54 ,54B, 54 F …) | ***** **** |
LTGC charable to tax | ***** |
Short term capital gain | Amount |
Sale consideration Less: Cost of acquisition Cost of improvement Cost of transfer | ****** ***** ***** *** |
Capital Gain Less: deduction u/s(54 ,54B, 54 F …) | ***** **** |
STGC charable to tax | ***** |