How to calculate capital gain income tax

1442 views 5 replies

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. 

 

 

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)

 

 

  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

 

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can you tell me that how  tax on normal rate 534000 come. plz explain

Tax at Normal Rates 534,000

Read more at: /forum/details.asp?mod_id=225130#.UJkW9GeuLKQ
Tax at Normal Rates 534,000

Read more at: /forum/details.asp?mod_id=225130#.UJkW9GeuLKQ
Tax at Normal Rates 534,000

Read more at: /forum/details.asp?mod_id=225130#.UJkW9GeuLKQ

(2280000-1000000)*30% + (1000000-500000)*20% + (500000-200000)*10%

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