Q1
Suppose seller purchased building in year 2017
Value of building on time of purchase = 800000/-
He sold the same for 60 lacs in 2018
Calculate Short Term Capital Gain (STCG) and Tax
View answer
| PARTICULAR | AMOUNT |
| Full Value consideration | 6,000,000.00 |
| Less: Expenses of transfer | 0 |
| Less: Cost of acquisition | 800,000.00 |
| Short term capital gain/ (loss) | 5,200,000.00 |
| Tax on STCG | 1372,500 |
| Rebate | 0 |
| Tax after rebate | 1,372,500.00 |
| Cess | 54,900.00 |
| Tax+ Cess | 1,427,400.00 |
| Less: TDS Receivable | 60000 |
| Tax payable | 1,367,400.00 |
Q2
Suppose in last question person has salary income also of 15Lacs
View answer
| Computation | |
| Income under the head salary | 1,500,000.00 |
| Income under the head capital gain | 5,200,000.00 |
| Gross total income | 6,700,000.00 |
| Less: Deductions | 0 |
| Net Total Income | 6,700,000.00 |
| Tax at slab rate | 1,822,500.00 |
| Rebate | 0 |
| Tax after rebate | 1,822,500.00 |
| Cess | 72,900.00 |
| Tax+ Cess | 1,895,400.00 |
| Less: TDS Receivable | 60,000.00 |
| Tax payable | 1,835,400.00 |