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Income tax calculation on capital gains

Others 313 views 6 replies

Hi ,

I have only income from sale of equity shares. My long term capital gains amount is 8000000 ( 80 lakhs) . What is my income tax to be paid to government-  12 lakhs or more amount.

Replies (6)
Accquisition date and held before which date.

Those long  capital gains are from sale of multiple equity scrips. All stocks holder for more than 1 year.  I want to know my income tax would be 12 lakhs ( bcoz 15% of total long term capital gains 80 L) or 24 lakhs ( 30% of income from sale of equity gains amount as per income tax slab). Just for a simple  basic understanding , explain this ? 

Tax on LTCG  on equity shares and equity oriented MFs  (above 1 lakh) is 10%.   If shares are bought before 31st January  2018, gains upto Jan 31,2018 would be grandfathered.

I

Thank you,

In that case, my total income tax liability to government is 8 lakhs ( irrespective of 30 % income slab).  Correct me if my understanding is wrong?

Why 30%there are other points you hv not considered exemptions and deduction.

Just enter capital gains data in ITR , ITR form automatically calculates tax to be paid.

It should be 10% + surcharges, usually end up at 13% odd.


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