Hi members i wanted to know something regarding short term capitol gain tax,i had filed itr of 5 lac for the fin year 2010-11,i had purchased a plot worth rs 16 lac in fin year 2011-12 now I am getting an offer of 32lac in fin yr 2012-13.whic means i had earned a gain of 16 lac. in a short term .itr for 11-12 is some where close to 8.5 lac. sir want to know how much will be the tax on tis gain
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Need guidance
Replies (2)
Capital gains will not be calculated for 2011-12. Since it is transferred in 2012-13, then cap gains would be computed in 2012-13 itself. And yes, Cap gains would be 16 lacs short term only.
By the way what does itr in 2011-12 somewhere close to 8.5 lacs means?? Kindly clarify on that.
Regards
Prateek
Capital gains will not be calculated for 2011-12. Since it is transferred in 2012-13, then cap gains would be computed in 2012-13 itself. And yes, Cap gains would be 16 lacs short term only.
By the way what does itr in 2011-12 somewhere close to 8.5 lacs means?? Kindly clarify on that.
Regards
Prateek
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