A house property, purchased in Nov. 2017 for Rs. 12,50,000.00, is sold in July 2018 for Rs. 22,00,000 lacs. The assessee will be earning salary of Rs. 3.30 lacs in F.Y. 2018-19. He is not willing to invest the realised value in the tax savings plans. Please advise about the amount of tax that he needs to pay on his income in F.Y. 2018-19.
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Short term capital gain on sale of property
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Total STCG is......9.50 L unless any expense/s claimed over sale proceeds of property... ..... same is to be aggregated alongwith other incomes of AY 2019-20.
It will be taxes as per slab rate.... (but advance tax liability arises in Q2 of FY 2018-19)
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