INCOME tax calculation query

205 views 2 replies

NaveeN

Banker

33 Points Joined January 2022

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

Replies (2)

sabyasachi mukherjee

28026 Points Joined May 2017

Secuties transaction tax paid or not.Sec 112AA is attracted.

Ridhima Jain

18 Points Joined July 2022

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