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:
what will be taxable income and deduction.
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.
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