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.
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Income tax calculation on capital gains
Replies (6)
Quick Summary
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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