on 6 lakhs capital gain, minimum tax will be of rs 25k if there is no other income...
if there is other income, then tax amount will be more...
fair market value is high price of 31st jan, 2018....
i will explain with a small example...
suppose someone buy sbi shares on 2nd feb, 2015 at rs 310 and quantity is 4000
and that person sell all his shares yesterday at rs 464....
so how much is taxable income on this....
your buy price will be highest value of sbi on 31st jan 2018...
we can find it directly from nse website
https://www1.nseindia.com/products/content/equities/equities/eq_security.htm
View attachment 47906
so your buy price will be 316.60
your sell price is 464
so profit is (464-316.6) *4000 = 589600
now when we see income tax schedule 112A, there is no way to show expenses etc the way we show in itr3... so we will deduct expenses directly from sell price....
View attachment 47907
so assuming expenses (brokerage,demat charges, etc) to be rs 10000
10000/4000 = 2.5
so new sell price is 464-2.5 = 461.5
so now your new profit is (461.5-316.6)*4000 = 579600
from 579600, we have to deduct 1L, so taxable CG is 479600 , it will be taxed directly @ 10%
now considering some different scenarios...
( not using any deductions )
if you have no other source of income, then tax on CG income will be ( 479600-250000) *10/100 = 22960
if u have other sources of income as 1 lakh, then tax on CG income will be ( 479600-250000+100000) *10/100 = 32960
if u have other sources of income as 2.5 lakh, then tax on CG income will be ( 479600-250000+250000) *10/100 = 47960
if u have other sources of income as 3 lakh, then tax on CG income will be ( 479600-250000+250000) *10/100 = 47960
and the remaining 50K will be charged at 5% as 3L fall in 2.5-5L category....that is , 2500, so total tax is 50460
(using deductions 80C 1.5L and 80TTA 10K (savings interest) so total deductions is 1.6L)
if u have other sources of income as 3 lakh which is taxable at normal rates, after deductions it become 1.4 lakhs, then tax on CG income will be ( 479600-250000+140000) *10/100 = 36960
if u have other sources of income as 4.6 lakh which is taxable at normal rates, after deductions it become 3 lakhs, then tax on CG income will be ( 479600-250000+250000) *10/100 = 47960
and the remaining 50K will be charged at 5% as 3L fall in 2.5-5L category....that is , 2500, so total tax is 50460
now how to filling this 112A Schedule of ITR2 form...it only look dangerous, but very easy...
isin - can get from nse website
name of share unit - sbin
number of shares - 4000
sale price per share - 461.5
cost of aquisition - (310*4000)=1240000
Fair Market Value per share/unit as on 31st January,2018 - 316.6
Expenditure wholly and exclusively in connection with transfer - 0 (if there is no transfer)
i tried to be as accurate as possible, i hope i clear all doubts, let me know if u has any more doubts, good luck