Tax in case short term capital gain on property

This query is : Resolved

PRAVEEN JAIN (Querist)
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23 July 2012 Hi all,
below are the details for ITR for A.Y. 2012-13, Please let me know the tax Liability in case of female assessee..

Salary Income >> 332400

Profit on sale of Residential property >> 195000 (purchased on 26.05.10 for Rs.7,55,000- & sold on 26.09.11 for Rs.9,50,000/-

Investments:
L.I.C >> 3144
Tution Fee Paid >> 47460
Stamp duty & Regustration charges paid on purchase of new property on 30.11.2011 >> 60200

Please let me know the total tax payble,
Thanx.

Amol S Joglekar

Amol S Joglekar (Expert)
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23 July 2012 332400+195000 - 100000 = 427400. The slab is 190000 if below 60 years. The rate is 10% ======= 23740

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PRAVEEN JAIN

PRAVEEN JAIN (Querist)
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23 July 2012 in above case of profit on sale of property, i had bought the said property after taking a interest free loan from my parents.
Kindly confirm the profit on sale of property is liable to pay tax in my hand or in my parents?

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 July 2012 Your parents can give you interest free loan. Property has been bought and sold in your name only, so you are liable to tax.
.
( Humour-
Parents will not give you anything in future ,if you will transfer the tax liability upon them)

PRAVEEN JAIN

PRAVEEN JAIN (Querist)
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23 July 2012 Thank you Paras Sir. Also suggest me which form should i use to file ITR. My income include Salary, Bank Interest & profit on sale of Property (STCG)