what will be the rate of tax applicale on short term capital gain for sale of residential flat. For example if the consideration is 1000000 and cost of aquisition within 36 month is 500000 what will be the tax if I am a individual male assessee for the ay 2012-13
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Capital gain
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your capital gains wil be Rs. (10,00,000-5,00,000) = 5,00,000 from transfer of a residential flat. in this case sec 111A is not applicable hence you will not be assessed @ 15%, rather normal provisions will apply:
first 180000 NIL
180000-500000 10% i.e. your tax will be 32000+EC & SHEC @ 3%
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