My father recently sold a land which he brought less than 3 years ago. from which he earned STCG of RS 290000. [selling price-(cost of buying+ registration cost)]
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my question is how much Income tax he have to pay due to this STCG. His income tax exemtion slab is Rs 250000 and this STCG is the only income in this year.?
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can he get tax benifit from LIC insurance premium in this case?
Hi Sourav,
Please find attached herewith the Excel file containing the Income Tax Calculation.
Regards,
Devendra Kulkarni
Agree with Devendra 
sumanth and devendra thnx for ur reply.
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I tried your exel sheet but fail because I don't know the meaning of terms like 3E+5 and many others. can you please tell me the Tax liability putting all info given by me?
STCG = Rs 290000
Other Income = Nil
IT exemtion Limit = Rs 250000 [for seniur Citizen]
Lic primium Paid this year = Rs 30000
Refere the file attached herewith. I have made the calculations as per the figures given by you.
Regards,
Devendra Kulkarni
thanks devendra for your information.
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I read in a artical that in case of short term capital gain deduction under 80c ( LIC premium, PPF, or others) not available. are you sure I will get tax benifit from Rs 30000 Lic premium ??
Yes. You shall get the deduction of LIC paid.
Regards,
Devendra Kulkarni
If STCG is u/s 111A only then Section 80C deduction cannot be availed.Section 111A deals with sale of securities in which STT is paid & period of holding is less than 12 months....Yours is a sale of land so you shall definitely get the LIC premium deuction u/s 80C
thnx to all of you for reply.
can I consider the cost of soil filling, cost of a passage for which I'm not getting any money as improvement cost in time of calculating STCG ?
Hi,
This thread looks very useful to me. But still to get the clear idea , i request one of you to please help me in calculating the Capital Tax gain :
Type: Short Term gain ( <36 months)
Gain : 1300000
Income tax Slab: 20% ( salary <10L)
Exemtion Slab : 200000
LIC premiums: 20000
Any other info required, please let me know.
Thanks in Advance.
For short term capital gain on residential property, can we claim deduction of amount of investment in new flat ?
You cannot claim.
Do we have any deductions against short term capital gain on house property or land?
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