Shri Mahesh Joshi has a house which is let out for residential purpose. He had purchased this house for 66,500 in 1987 — 88. He sold this house on 15th June, 2014 for 5,70,000. He had purchased some jewellery in 1987 — 88 for 73,150. On 22nd February, 2015 he sold this jewellery for 6,28,000. You have to
determine the taxable capital gains of Shri Mahesh for the assessment year 2015 — 16. Cost inflation index are as follows
1987 — 88 = 150, 2014 — 15 = 1024
To determine the taxable capital gains of Shri Mahesh for the assessment year 2015-16, you need to calculate the capital gains on the sale of the house and the sale of jewelry. Here are the steps to calculate it:
1. Calculate the indexed cost of the house:
- Purchase Year: 1987-88
- Purchase Price: ₹66,500
- Cost Inflation Index for 1987-88: 150
- Cost Inflation Index for 2014-15: 1024
Indexed Cost of House = (Purchase Price) x (Cost Inflation Index for the Year of Sale) / (Cost Inflation Index for the Year of Purchase)
Indexed Cost of House = ₹66,500 x 1024 / 150 = ₹4,55,680
2. Calculate the capital gains on the sale of the house:
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