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Q.

Long term capital gain arising on sale of unlisted security, as per Section 112 of the IT Act , sold on 30/3/2009 as Rs.550000 bought on 30/03/2006 as Rs.200000, and saved 50000 u/s 80C as , how much will be the tax for F.Y.2008-09

Asked by patitapaban parida, 29 May '09 06:12 pm
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Answers (1)

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You have to pay 20% tax after adjusting the cost inflation index. The index is 497 for 2005-2006 & 582 for 2008-2009. So 582 / 497 x 2 lakhs = 2,34,205. So the capital gain is 5.50 lakhs - 234205 = 315795/= Tax at 20% = 63159 + 3% i.e. 1895=Rs 65054. No exemption under 80 C.
Answered by RANJAN KARNAD, 31 May '09 02:58 pm

 
  
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