|Market value of the land as on 1 September 1986. Acquisition cost or market value of the land in question is to be taken as acquisition cost as per the provisions of s 110-25 –2||90,000|
|Associated incidental cost as per s110-25-3||-|
|Cost of owning the land as per s 110-25-4 (applicable for acquisitions after 20August 1991)||-|
|Incidental cost in relation to the sale||-|
|Capital expenditure incurred as per s 110-25-5 Construction cost as on 1 September 1986||60,000|
|Capital expenditure on title of land as per s 110-25-6||-|
|Total cost of land||1,50,000|
|Monies received from the auction sale of the property||8,00,000|
|Less: Cost base as calculated above||(1,50,000)|
|Net capital gain from the sale||6,50,000|
|Less: 50% reduction under the CGT method available to Scott||(3,25,000)|
|Net capital gain assessable in the hands of Scott||3,25000|
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