Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Income tax calculation on capital gains

NaveeN (Banker) (33 Points)

10 July 2022

Hi ,

I have only income from sale of equity shares. My long term capital gains amount is 8000000 ( 80 lakhs) . What is my income tax to be paid to government- 12 lakhs or more amount.

Reply
Follow
Share

6 Replies

sabyasachi mukherjee (27730 Points)
Replied 10 July 2022

Accquisition date and held before which date.

Upgrade to CAclubindia Pro. Subscribe Now!

NaveeN (Banker) (33 Points)
Replied 10 July 2022

Those long capital gains are from sale of multiple equity scrips. All stocks holder for more than 1 year. I want to know my income tax would be 12 lakhs ( bcoz 15% of total long term capital gains 80 L) or 24 lakhs ( 30% of income from sale of equity gains amount as per income tax slab). Just for a simple basic understanding , explain this ?

Rani (None) (277 Points)
Replied 10 July 2022

Tax on LTCG on equity shares and equity oriented MFs (above 1 lakh) is 10%. If shares are bought before 31st January 2018, gains upto Jan 31,2018 would be grandfathered.