80c deduction
This query is : Resolved
25 December 2013
Friends..i need a clarification. ..
my IFHP is Rs.250000 long term capital gain is Rs.100000..and 80c ded is Rs.100000..I want to know hw much tax i has to pay for this F.Y
25 December 2013
Deduction u/s 80C will be allowed from Income from House Property.
So income taxable at normal rates is Rs. 1,50,000
You have unutilized exemption limit of Rs. 50,000/- which will be reduced from LTCG.
So taxable LTCG is Rs. 50,000
Tax on LTCG will be 20% = 10,000 as increased by cess of 3%.
So income taxable at normal rates is Rs. 1,50,000
You have unutilized exemption limit of Rs. 50,000/- which will be reduced from LTCG.
So taxable LTCG is Rs. 50,000
Tax on LTCG will be 20% = 10,000 as increased by cess of 3%.
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