Mohit (Team Lead) (25 Points)
22 October 2012Hi,
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.
Saket Sinha
(Student)
(129 Points)
Replied 23 October 2012
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)
Replied 23 October 2012
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
CAclubindia
