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I have made a short term capital gain by selling a land now what to do very first to save tax?
sir,
I have sell a land of short term capital gain of RS 15lac.i dnnot have any income tax file.
So i want to know whether i have to prepare IT file to show the capital gain i am a small business man.I want to save tax on this capital gain what to do please suggesst?
Replies (1)
No exemption available for Short term capital gains. it will be added to your income from other heads, and taxed as per your slab. you can take benifits of deductions under chapter VI A. Yes you have to file ITR and before that pay Advance tax liability.
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