Capital gains
This query is : Resolved
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
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...
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...
Dhirajlal Rambhia
(Expert)
10 October 2021
Pay advance tax on or before 15th December, & finally by 15th March...
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