Capital gain tax

Dear Mr. banerji,

You have to file the belated return/revised return for FY 2015-16 and show the capital gain tax amount in the return. The last date of filing of this return is 31 March 2017.

To calculate capital gain tax we need date and cost of acquisition and also details of improvement in the property.

Please feel free to call/revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Hii

Flat Sale in July 2015 is taxable in FY 2015-16 i.e. AY 2016-17, thus if you already filled your ITR by due date then you can revised the same.

Capital gain tax calculation based on facts, i.e. period of holding , Purchase cost, improvement cost (if any), sales consideration , exp. on sales etc.

thus first provide above details after that tax amount can be calculated

Dear Sir,

You can not disclose previous year income in current year and even if you do you need to pay tax with interest of 1 year.

So please pay tax at the earliest to reduce further interest liability since every month the interest will keep on increasing.

Hi,

you are required to revise your return of FY 2015-16 and pay the capital gain tax.

if the capital gain is long term then 20% of the tax + interest, other wise it is short term capital gain as per your tax slab.

whole tax for the financial year after taking investment consideration should be paid by 15th of March.

Advance tax for FY 2017-18

15th june 25% of tax

15th Sept 50% of tax

15th Dec 75% of tax

15th March 100% of tax.

kindly revised your return of FY 2015-16, and add capital gain income and pay taxes accordingly

Hi,

Tax should have been paid by 15 September 2015. If not paid, interest will be levied.

Long term capital gain is taxable at the rate of 20.60% while short term capital gain is taxable as per the slab of income in which your total income falls.

Regards

Keerthiga Padmanabhan

M.Com., CA, LLB

Hi,

You have time till 31-Mar-2018 to file Revised Returns for FY 2015-16. So, you can proceed and revise the returns by showing Capital Gains amount and paying tax with interest.

Request you to send all the details to my email ID pradeep@capradeepbhat.com

Hello Sir,

As per the information provided by you, it appears that your are ready to rectify your mistake and pay the due taxes.

In such a case you may revise your already filed returns and file a revised return for the F.Y. 2015-16 and pay the respective taxes with interest.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP