## Computation of Capital Gains [Section 48]
(Format for assets other than depreciable assets under Section 50 / block of assets.)
### Computation format
| Particulars | Amount | |
|---|---|---|
| A | Full Value of Consideration (FVC) | XXXX |
| B | Less: Transfer expenses (on actual consideration) | (XXX) |
| C | Net Consideration (A − B) | XXXX |
| D | Less: Cost of Acquisition / Indexed COA + Cost of Improvement / Indexed COI | (XXX) |
| E | Gross LTCG / STCG (C − D) | XXXX |
| F | Less: Exemptions under the 54 series | (XXX) |
| G | Taxable Capital Gains (E − F) | XXXX |
### Notes
1. FVC = actual consideration, or deemed consideration under Sec 50C, 50CA or 50D, as applicable.
2. Transfer expenses — incurred wholly and exclusively for the transfer (brokerage, stamp duty, registration fees, legal expenses, etc.). No deduction for STT paid on transfer of listed securities.
3. Cost of Acquisition (COA) — actual COA or deemed COA under Sec 49 and 55.
- Indexation is available only for an Individual / HUF who transfers Land / Building on or after 23-Jul-2024, where the asset was acquired before 23-Jul-2024.
- No deduction for interest on housing loan under Sec 24(b), 80EE or 80EEA.
4. Cost of Improvement (COI) — actual COI or deemed COI under Sec 55. Same indexation rule as COA (Individual/HUF, Land/Building, on or after 23-Jul-2024, acquired before that date).
5. Exemptions (54 series) — deductions claimable subject to investment in new capital assets.
### Special rule — Non-residents: unlisted shares & debentures (1st proviso to Sec 48)
Compute the gain in foreign currency to neutralise rupee depreciation:
- Step 1: Convert sale consideration, COA and transfer expenses into the same foreign currency originally used (at the average of TT buying and TT selling rates on the relevant dates).
- Step 2: Compute the capital gains in that foreign currency.
- Step 3: Reconvert the resulting capital gains into Indian currency at the TT buying rate on the date of transfer.
> This currency-conversion benefit does not apply to Section 112A capital assets.
Memory hook: STT is never deductible; housing-loan interest already claimed elsewhere is never deductible again; and indexation post-Budget July 2024 survives only for Individual/HUF on land/building acquired before 23-Jul-2024.