Tax in case short term capital gain on property

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This query is : Resolved

PRAVEEN JAIN (Querist)

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.

Amol S Joglekar

Amol S Joglekar (Expert)

23 July 2012 332400+195000 - 100000 = 427400. The slab is 190000 if below 60 years. The rate is 10% ======= 23740

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PRAVEEN JAIN

PRAVEEN JAIN (Querist)

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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

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)

PRAVEEN JAIN

PRAVEEN JAIN (Querist)

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)