EASYOFFICE

Capital gains

This query is : Resolved 
Profile Image

Profile Image

(Querist)
20 October 2013 sir a flat was bought for 5 lac. last year now the same has been sold for 12 lac after 1 yr. what is tax liability other income being 80000, for the year.also tell when to deposit tax and under which head
Profile Image

CA Pallav Singhania

Profile Image

CA Pallav Singhania (Expert)
20 October 2013 It will be short term capital Gain,

12 lacs-5 lacs = 7lacs

Total Income =7lacs + 80000
7.8 lacs

No exemption under short term capital gain,
Have to borrow tax under slab rate...
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
10 October 2021 Pay advance tax on or before 15th December, & finally by 15th March...
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


EasyOFFICE CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links