Harry sold his house in city for AUD 700000 used as a main r

Harry sold his house in city for AUD 700,000 used as a main resident, he sold on 16th may,2018. House wa bought for AUD 5000 on 1st september 1985. What is the capital gainor loss?

Ans

Since there is no information about price indexes etc provided we will have to use only nominal figures given in question

Capital gain= 700000-5000=695000

Harry sold his house in city for AUD 700,000 used as a main resident, he sold on 16th may,2018. House wa bought for AUD 5000 on 1st september 1985. What is the

Harry sold his house in city for AUD 700000 used as a main r

Solution

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