Income Tax Calculation formula in excel

What is the preriod of Long Term Capital Gains & Short Term Capital Gains. We have purchased land For Rs. 100000/- in March 2007 & Sold in August 2009 for Rs. 600000/- in this case which capital gains we will have to pay. any other way to save the capital gains . Pl advice

Ravindra

If a capital asset held by n assessee 4 not more than 36 months(except shares,securities,unit, ZCB) immediately prior 2 its date of transfer & gains arises such gain shall b STCG.in ur case it is a short term capital gain. 2 save tax on gain u ve 2 invest such gain U/S 54.

Dear Ravindra sir,

                                  Ur transfers is taxable as Short term capital gains...But hoping the land wasnt any agricultural land the you cant claim execption US 54 as Ansari said because it has to be Long Term Capital Gain to claim exemption US 54 EC and 54 F....But u can use other chapter VIA deductions from 80C to 80U to save tax

thanks for giving answer.  Could you please tell me the rates of Short term capital gains & Long term capital gains.

Ravindra

 This short term capital gains of yours wil be taxed at normal rates only sir..I mean it wil be added to your other incomes...where as LTCG is taxed at 20%

thanks

Does it mean that, if my income is Rs. 100000/- for 2009-10. so I will have to add Rs. 600,000/- + Rs. 100000/- & find out the taxable income Rs. 700000/- @ 160000/- 0% , Upto 300000/- 10% upto Rs.500000/- 20% & above 500000/- 30% is correct

Ravindra

If Asset is held for more than 36 months than on that Long term Capital Gain @ 20%,otherwise Short term Capital Gain @ 15%. (FOr SHare,Security Period will be 12 months for LTCG)

Might Be U All Forget to Owner of This Forum, Mr. Dhara, Who's Requirement is Formula For IT Computation in Excel Sheet, Here is Ur Formula. for Individual/Women/Senior Citizen.For Assessment year 2009-10. & u Can Change it According to for Which A.Y. U are in need.

Hi, dhara here the 1 which can help u out
 

I would like to add something here. If it is LTCG, the benefit of indexation can be had.

 Thanks a lot to Ayush & Payal.

I don't know why people dont see the original post & starts another conversation which has no relevance with original post at all.

But anyway thanks that at least you two have given my answer.

thanks a lot again to both Ayush & Payal.

Thanks to all for giving my answer to my query. I would like also thanks for giving the Income tax calculatior.

Ravindra