calculation of tax

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R K BINDLISH (Querist)
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19 January 2010 A PERSON IS HAVING THE FOLLOWIN INCOME FOR THE AY 09-10:LONG TERM CAPITAL GAIN ( TAXABLE @ 20% U/S 112 RS 140000 AND SHORT TERM CAPITAL GAIN STT PAID TAXABLE @ 15% U/S111A RS 15000.WHAT WOULD BE HIS TOTAL TAX LIABILTY ON TOTAL INCOME OF RS 155000.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 January 2010 if the person is female then basic exemption Rs. 180,000. Hence no tax.

If the person is male then basci exemption Rs. 150,000.
Therefore taxable income Rs. 5,000/-. Should pay on STCG as benefecial to the assessee.

Tax payable u/s 111A @ 15% on Rs. 5,000/- = 750 + EC@ 3% Rs. 23 = 773

R K BINDLISH

R K BINDLISH (Querist)
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20 January 2010 this answer is not correct.he will have to pay long term capital gain tax @ 20 on rs 5000 and also shrt term capital gain tax on rs 5000 @ 15%. can any body tell why

5

Aditya Maheshwari

Aditya Maheshwari (Expert)
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21 January 2010 Could you quote any section to which you are referring to? You will get Rs. 150,000/- full basic exemption and pay tax on Rs. 5,000/- either on STCG or LTCG not both that is for sure.

R K BINDLISH

R K BINDLISH (Querist)
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22 January 2010 YOU PL REFER TO SEC 111A FOR SHORT TERM CAPITAL GAIN AND SEC 112 FOR LONG TERM GAIN AND COMPUTE TAX ACCORDINGLY. THE RESULT WILL BE TAX ON BOTH THE GAINS

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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18 July 2024 To calculate the total tax liability for the individual based on the given income details, we will break down the components of income and apply the relevant tax rates:

### Components of Income:
1. **Long Term Capital Gain (LTCG):**
- Amount: ₹140,000
- Taxable @ 20% under Section 112 of Income Tax Act

2. **Short Term Capital Gain (STCG):**
- Amount: ₹15,000
- Taxable @ 15% under Section 111A of Income Tax Act (with STT paid)

### Calculation of Tax Liability:

1. **Long Term Capital Gain Tax:**
- Tax on LTCG = ₹140K * 20% = ₹28,000

2. **Short Term Capital Gain Tax:**
- Tax on STCG = ₹15K * 15% = ₹2,250

### Total Tax Liability:

- Total Tax Liability = Tax on LTCG + Tax on STCG
- Total Tax Liability = ₹30,250

### Summary:
- For the assessment year 2009-10 (AY 09-10), based on the income provided (LTCG of ₹140,000 and STCG of ₹15,000), the individual's total tax liability amounts to ₹30,250.

This calculation assumes that the individual has no other income apart from the specified long-term and short-term capital gains, and the rates applied are as per the Income Tax Act applicable for the relevant assessment year. For accurate tax calculations and compliance, it is recommended to consult with a tax professional or CA who can consider all aspects of the taxpayer's situation and provide personalized advice.

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