Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2012 STCG 68000
OTHER INCOME-56145
LTCG -SALE CONSIDERATION-6500000
COST OF ACQUISITION-240420
AFTER INDEXATIOMN-560455
DEDUCTION OF 80C-100000
WHAT WILL BE THE TAX.
AND IF PROVISO 112(1)APPLIED,WHAT WILL BE THE TAX RATE ACCORDING TO FILLING ITR???
BECAUSE WHEN WE FILL IN ITR IN EXERCISED OPTION OF 112(1)THN TAX RATE AUTOMATICALLY IS 10%,WHICH IS NOT APPLICABLE ON PROPERTY.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 February 2012 Proviso of 112(1) can be applied in the case of listed securities, units and zero coupon bonds only.
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It has lost its charm as one of the most attractive provisions for LTCG, S. 10(38) has been introduced which makes the LTCG fully exempt
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You have to apply 20% Rate in the case of taxable portion of LTCG.
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Further you have to clarify the nature of STCG also, whether it is of the kind as referred to in Section 111A.
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