Assessee is a Super Senior Citizen,Rs8,75,000/ has been - credited into his Bank Account after realisation of sold of shares. Wife transfer the share through transfer certificate i.e.throguh demat in the name of huband and husband sale those shares on 22.05.2015 and realised the value for 8,75,000/-. Income Tax Return not yet submitted by husband .Now it is necessary to submit I.T.Return as there is a short term capital gain arise during the Assessment year 2016-17.In this case computation on short term capital gain intererest for delay payment,,234A,234b&234C calculation also necessary as no advance tax not been paid by husband .Please compute the short term capital gain along with Interest for delay payment and also non payment of Advance tax.
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Short term capital gain
Short term capital gain = sale consideration - cost of acquisition
If STT paid case
Tax liability = STCG *15%
If STT not paid case
STCG will be added with other income and tax calculated normal slab rate.
In case of senior citizen who doesn't have business income he is not liable to pay Advance Tax (section 207).
So interest U/S 234B & 234C will not be applicable.
Interest U/S 234A will be applicable if return filed after due date.
Dear Sir,
There is no cost of acquisition ,wife transfer the share throgh demat transfer certificate in the name of Husband as she not in a position ,paralytic patient and husband sale those shares just after receiving within 2/3 days i.e.received on 20.5.2017 and sold it on 22.05.2017 and received 8,75,747/- .By default when I am going for filled up ITR 2 by default the calculation made on special rate of tax as per below:
8,75,747 as income under spectial rate u/s 111(a) (STCG on STT Paid)
4,05,281 as taxable income after adjustment of min chargeable tax system calculated tax there on Rs 60,792/-+E.Cess 1,824/-& 234A Intt Rs 6886= 69,502/-,Please reply is it correct or not,special rate is applicable in this case or not?
| Originally posted by : BUDDHADEB DAS | ||
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Dear Sir, There is no cost of acquisition ,wife transfer the share throgh demat transfer certificate in the name of Husband as she not in a position ,paralytic patient and husband sale those shares just after receiving within 2/3 days i.e.received on 20.5.2017 and sold it on 22.05.2017 and received 8,75,747/- .By default when I am going for filled up ITR 2 by default the calculation made on special rate of tax as per below: 8,75,747 as income under spectial rate u/s 111(a) (STCG on STT Paid) 4,05,281 as taxable income after adjustment of min chargeable tax system calculated tax there on Rs 60,792/-+E.Cess 1,824/-& 234A Intt Rs 6886= 69,502/-,Please reply is it correct or not,special rate is applicable in this case or not? |
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In this case the asset is acquired by assessee from his wife with out consideration which means he acquired it as a GIFT.
In case of gift the acquisition cost of previous owner will be taken for calculating capital gain.
and
the period of holding will be including the period of holding of previous owner.
so kindly recheck whether it comes under long term or short term.
If the period of holding is above 12 months (including previous owners holding period) and STT paid the entire LTCG will be exempt from tax U/S 10(38).
If you need more clarification feel free to contact
sudieshks45 @ gmail.com
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