.....Mr. Dinesh received a vacant site as gift from his friend in November 2005. The site was acquired by his friend for ` 7,00,000 in April 2002. Dinesh constructed a residential building during the year 2010-11 in the said site for ` 15,00,000. He carried out some further extension of the construction in the year 2012-13 for ` 5,00,000. Dinesh sold the residential building for ` 55,00,000 in January 2018 but the State stamp valuation authority adopted ` 65,00,000 as value for the purpose of stamp duty. Compute his long term capital gain, for the assessment year 2018-19 based on the above information. The cost inflation indices are as follows:2002-03 105 2005-06 117 2010-11 167 2012-13 200 2017-18 272
Dec. 08, 2017