Tax in case short term capital gain on property
This query is : Resolved
23 July 2012
Hi all,
below are the details for ITR for A.Y. 2012-13, Please let me know the tax Liability in case of female assessee..
Salary Income >> 332400
Profit on sale of Residential property >> 195000 (purchased on 26.05.10 for Rs.7,55,000- & sold on 26.09.11 for Rs.9,50,000/-
Investments:
L.I.C >> 3144
Tution Fee Paid >> 47460
Stamp duty & Regustration charges paid on purchase of new property on 30.11.2011 >> 60200
Please let me know the total tax payble,
Thanx.
below are the details for ITR for A.Y. 2012-13, Please let me know the tax Liability in case of female assessee..
Salary Income >> 332400
Profit on sale of Residential property >> 195000 (purchased on 26.05.10 for Rs.7,55,000- & sold on 26.09.11 for Rs.9,50,000/-
Investments:
L.I.C >> 3144
Tution Fee Paid >> 47460
Stamp duty & Regustration charges paid on purchase of new property on 30.11.2011 >> 60200
Please let me know the total tax payble,
Thanx.
23 July 2012
332400+195000 - 100000 = 427400. The slab is 190000 if below 60 years. The rate is 10% ======= 23740
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23 July 2012
in above case of profit on sale of property, i had bought the said property after taking a interest free loan from my parents.
Kindly confirm the profit on sale of property is liable to pay tax in my hand or in my parents?
Kindly confirm the profit on sale of property is liable to pay tax in my hand or in my parents?
23 July 2012
Your parents can give you interest free loan. Property has been bought and sold in your name only, so you are liable to tax.
.
( Humour-
Parents will not give you anything in future ,if you will transfer the tax liability upon them)
.
( Humour-
Parents will not give you anything in future ,if you will transfer the tax liability upon them)
23 July 2012
Thank you Paras Sir. Also suggest me which form should i use to file ITR. My income include Salary, Bank Interest & profit on sale of Property (STCG)
24 July 2012
FILE ITR-2
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