25 July 2008
Dear Sir Plz cal Capital Gain as detail is as follows Purchase date-18-06-07 Purchase Price-485000 Stamp fees-29100 Puchase Comm-29100 Sale Date-09.01.2008 Sale Price-650000 Stamp fees-45500 Sale Commission-27500 it`s urgent plz help me thanks
25 July 2008
IT IS ASSUMED STAMP DUTY IS PAID BY YOU WHEN SELLING THE ASSETS & SALES PRISE IS STAMP DUTY VALUATION 650000-45500-27500=577000 NET SALES CONSIDERATION 485000+29100+29100=543200 PURCHAE PRISE NET SHORT TERM CAPITAL GAIN IS RS 33800 IF YOUR INCOME BELOW BASIC LIMIT THEN UPTO THAT LIMT NO TAX IS PAID OTHERWISE STCG IS 15% FOR FY 2008-09
25 July 2008
The Short Term Capital Gain as worked out by Mr. Dewani, is correct. The rates of tax will be the normal rates of income tax as per the slab, as the gain is probably from the sale of an asset other than shares.
CAclubindia
