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Capital gains

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(Querist)
20 October 2013 sir a flat was bought for 5 lac. last year now the same has been sold for 12 lac after 1 yr. what is tax liability other income being 80000, for the year.also tell when to deposit tax and under which head
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
20 October 2013 It will be short term capital Gain,

12 lacs-5 lacs = 7lacs

Total Income =7lacs + 80000
7.8 lacs

No exemption under short term capital gain,
Have to borrow tax under slab rate...
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 October 2021 Pay advance tax on or before 15th December, & finally by 15th March...
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