INCOME tax calculation query

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Banker
28 Points Posted on 08 December 2023

I'm 24 years old indian citizen doing equity investments.
I have 12 Lakh short term capital gains in sold equity shares. No other income. No deductions. What is total income tax to be paid

1. 180000 ( only short term capital gains tax) 
Or
2. 63000( income tax on amt 11.2 L) + 180000( STCG)  = 243000


 

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On 08 December 2023 at 15:43 Report
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Quick Summary
This discussion clarifies income tax calculations for an Indian citizen with ₹12 lakh in short-term capital gains from equity. The query explores different tax scenarios, ultimately confirming that the entire ₹12 lakh is taxable at 15% under Section 111A, plus a 4% Health and Education Cess. The total tax liability is calculated to be ₹1,87,200.

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Profession
19976 Points Posted on 08 December 2023
Secuties transaction tax paid or not.Sec 112AA is attracted.
1 Reply
On 08 December 2023 at 21:04
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33 Points Posted on 12 December 2023
The whole Short Term Capital Gain of ₹12 lakhs is taxable @ 15% as per Section 111A. Therefore, ₹ 12 Lakhs * 15% = ₹ 1,80,000 + 4% HEC ₹ 7200.
Total Liability = ₹ 1,87,200
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On 12 December 2023 at 19:16

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