How to calculate capital gain income tax

Tax queries 1380 views 5 replies

Mohit

Team Lead

25 Points Joined October 2012

Hi,

I am planning to sell my house and request one of you to please help me in calculating the tax on Capital Tax gain :

Here are details:

Type: Short Term gain ( <36 months)

Gain : 1300000

Income tax Slab: 20% ( salary <10L)

Exemtion Slab : 200000

LIC premiums: 20000

Any other info required, please let me know.

Thanks in Advance.

Replies (5)

In case of short term capital gain slab benefit is available but deductions under chapter VI is allowed from such short term capital gain. Therfore tax will be calculated normally on the basis of slab rate.

Revanth

Job

145 Points Joined December 2009

HI Mohit

With the short capital gain of 13 lacs you will be under 30% slab rate and pay tax accordingly.

Since all the short term capital gains will be included in the normal tax calculation (except short term capital gains on shares, debentures)

Guest

	Rs.
Income under head salaries:	1,000,000

Income from Capital gains :
Short term Capital Gains from Sale of house property:	1,300,000

Total Income	2,300,000
Less : Income considered for tax at special rates	-
	2,300,000
Less : Deductions under Chapter VI A
LIC Premium paid	20,000
Taxable Income	2,280,000

Tax at Normal Rates	534,000