Capital gain

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Rahul kumar

Rahul kumar (Querist)
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08 April 2012 Dear members how calculate tax of ltcg and stcg on total income.

Guest

Guest (Expert)

09 April 2012 Gain in general sense is calculated by deducting cost from sale proceeds.In the context of income tax act, there is only simple diff in calculating capital gains that you have to take indexed cost of acquisition in case of long term capital asset and this is not so in case of short term capital asset.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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09 April 2012 Ms. Disha,
The query is not about how to caculate capital gain but it is about how to compute tax on such capital gain.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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09 April 2012 LTCG is taxed @20% and STCG is taxable as per the slab applicable to the assessee.
further, LTCG from transfer of capital asset being a share on which STT is paid, is exempt from tax.

Guest

Guest (Expert)

09 April 2012 Oh sorry..i didnt read the question properly. Your gross total income should be exclusive of long term capital gain to calculate the tax as per the slab

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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09 April 2012 Rahul,
You have a general question and the experts have given the general reply but you have to be specific and give the problem so that proper answer can be given with dates, amount, year of purchase etc. etc.