Tax on capital gain

Tax planning 342 views 1 replies
I NEED YOUR  HELP FOR FILING MY WIFE  (GOVT PENSIONER)
 IT RETURNS FOR SALE OF
PROPERTY IN CHENNAI.
DATE OFAAVPR PURCHASE = 26-01-1996  Rs 2,23,144
DATE OF SALE           = 12-09-2012  Rs 15,75,000
TOTALL PENSION                    = Rs 1,40,638     
PROPERTY TAX = Rs 400/= PER YEAR
TOTAL BUILDING MAINT TILL DATE OF SALE = Rs 1,25,000 (APP)
(I DO NOT HAVE ANY PROOF FOR THIS)


COMPUTE MY WIFE TAX LIABILTY & PLEASE SHOW WORKINGS...........      

 

 

 

Replies (1)

Dear Sir 

Income from Capitak Gains will be as following :

Period of Holding : 26-01-1996 to 12-09-2012

Sales amount :     1575000/-

Less Indexed cost of Acqusition : 223144*852/281=676579

Less: Indexed cost of Improvement : 125000 (please mention a date for it as need to do indexdation of it) 

So capital gain will come : 773421 (approx ) and tax will be 20% on the same.

Pension Income : 140638 under income from other sources.

Total taxable income will be as under : (assuming senior citizen)

773421-(250000-140638)= 664059 (total taxable income)

tax on above : 664059*20% =132812/-

Plus education cess 3% = 3985

Total tax payable = 136797

less TDS and advance tax deducted if any 

Regards

 

 


CCI Pro

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