Capital Gain (urgent)

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This query is : Resolved

vikash (Querist)

25 July 2008 Dear Sir
Plz cal Capital Gain as detail is as follows
Purchase date-18-06-07
Purchase Price-485000
Stamp fees-29100
Puchase Comm-29100
Sale Date-09.01.2008
Sale Price-650000
Stamp fees-45500
Sale Commission-27500
it`s urgent plz help me
thanks

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

25 July 2008 IT IS ASSUMED STAMP DUTY IS PAID BY YOU WHEN SELLING THE ASSETS & SALES PRISE IS STAMP DUTY VALUATION
650000-45500-27500=577000 NET SALES CONSIDERATION
485000+29100+29100=543200 PURCHAE PRISE
NET SHORT TERM CAPITAL GAIN IS RS 33800
IF YOUR INCOME BELOW BASIC LIMIT THEN UPTO THAT LIMT NO TAX IS PAID OTHERWISE STCG IS 15% FOR FY 2008-09

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)

25 July 2008 The Short Term Capital Gain as worked out by Mr. Dewani, is correct. The rates of tax will be the normal rates of income tax as per the slab, as the gain is probably from the sale of an asset other than shares.

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