LTCG ON SIP

Mukund Patel (Student) (477 Points)

28 August 2010

Hello,

Case : long term capital gain arise on redumption of SIP is Rs. 37000 and tax payable @ 10% withought indexation.

Query? : 1> Wether any education cess applicable on tax ?

2> Interest U/s 234 A, B or C is applicable, if late filing of return ?

Thanking You,

Mukund

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3 Replies

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 28 August 2010

Rate of 10% is come under special rate.

education cess and interest liabilty u/s 234 is applicable on total tax liabilty.

so firstly calculate ur tax liabilty then add education cess and add interest

Rahul Gupta [CA,CS] (Asst Manager) (39 Points)
Replied 28 August 2010

Yes you have to pay the tax and eductaio cess 3% on total tax liability and accordinly you have to calculate the interest us 234A,B,C.

Thanks,

Regards,

Rahul Gupta

09958073300

DALPAT R GOYAL (Job) (51 Points)
Replied 30 August 2010

Rate of 10% is come under special rate.

first of all you have to calculate ltc @ 10% than education cess & sec.edu. cess

and interest liabilty u/s 234 A,B,C is applicable on total tax liabilty.

DALPAT GOYAL

CA FINAL STUDENT

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