Itr-2

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(Querist)


23 February 2012

WE DIDN'T GET THE EXEMPTION OF 240000 IN CASE OF SENIOR CITIZEN,IN CAPITAL GAIN FOR AY 2011-12.


THE CASE IS AS FOLLOW:
STCG 68000
LTCG :-5939545
other sources-56145
80c-100000

what will be taxable income and deduction.

CA Siddhartha Bhardwaj (Expert)


23 February 2012

STCG is on transfer of which asset?
LTCG is on transfer of which asset?

Deduction u/s 80C is not available for STCG u/s 111A.

Reply and I can provide you with a better answer.

mahima bhatia (Querist)


27 February 2012

both are on properties.

CA Siddhartha Bhardwaj (Expert)


27 February 2012

Income taxable at slab rate = STCG + Other Sources = Rs. 1,24,145.
Less: Deduction Rs. 1,00,000
Balance Income = Rs. 24,145

Slab rate = Rs. 2,40,000
Unutilised limit = 2,15,855

LTCG = Rs. 59,39,545
Less:Unutilised limit of slab rate 2,15,855
Taxable LTCG = 57,23,700(Rounded off)

Tax @ 20% = Rs. 11,44,740
Add: Cess @ 3% = Rs. 34,342
Total tax liability = Rs. 11,79,082



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