Q.1058 Both purchase & sale

price required to calculate

capital gains

Question: Dear Sir, nri has sold HIS OWN flat in ahmedabad in june 2017 which he acquired in may 2011 no rent or income price rs 28 lacs, per regd sale deed i m told no repeat no ltcgt payable kindly enlighten thanks and regards s kapadia 23/6/17 Answer: Whether there was any income or if the property sold was ever rented has no bearing on calculation of long term capital gain. To calculate capital gain the price at which the property was purchased/acquired as well as the selling price is required. You have mentioned the sale price of Rs. 28 lakh but did not mention the price at which you acquired the property in May 2011. Whoever told you there are no capital gains taxes payable may have known the purchase price. I can’t say either way whether the information you got is correct or not since I don’t know the purchase price. In future when sending email to this website, kindly do not use all caps. I cut and paste questions and would appreciate it if senders use normal text and spell check before sending their email.