calulation of tax xasual winnings, LTCG & STCG U/s 111A

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Parag (Querist)
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10 May 2009 if we have casual winnings as income of for eg. 120000 so we have to calculate tax @30% without considering any exemption limit of 150000?
second if we have LTCG on land with and without indexation of Rs100000 and SCTCG u/s 111A of Rs100000 so how to calculate tax on it for individual

Gayathri Devi

Gayathri Devi (Expert)
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11 May 2009 The Total Tax Liability is Rs.36050/-
Total Taxable Income is Rs.320000/-
in that basic limit is Rs.150000/-
the balance amount is Rs.170000/-
In that Short term capital Gain Rs.100000/-
The balance is Long term capital gain is Rs.70000/-
The Short Term capital Gain is Rs.20000+the Long term capital gain is Rs.15000/-
For that Education cess is Rs.1050/- Hence the total Tax liability is Rs.36050/-
The casual Income income is taxed at a flat rate of 30.9% hence the tds will be made to the Person to whom the income is accrued.
Hence the asese can claim tds of Rs.37080/- for the casual income of Rs.120000/-
Hence the Refund should be claimed by the Assessee for Rs.1030/-(37080-36050)

Gayathri Devi

Gayathri Devi (Expert)
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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 May 2009 Total Taxable Income is Rs. 320000
Less: Income from Winning
Lotteries etc 120000

(Tax on 120000/ Rs 36000/ will be payable or TDS Amt can not be claimed as refund )

Total Income Except Lotteris 220000/
Basic Limit(STCG+LTCG30000) 150000/-
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Balance of LTCG 70000/

TAX @ 20% 14000/-

TOTAL TAX PAYABLE 50000/
LESS: TDS ON LOTTERIES 36000/-

SELF ASSESSMENT TAX 14000/-

I HAVE NOT CONSIDERED EC +HEC

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