capital gain
This query is : Resolved
07 July 2010
pls. help.........
my que. is
short term cap.gain(aspersec.111A) Rs.127000
other income Rs.193000
amt. deductible us.80G Rs.1000
ppf contribution Rs.6000
CALCULATE TAX LIA. OF MRS.X(29 YEAR) IS NON RESI. IN INDIA FOR A.Y. 2010-2011.
my que. is
short term cap.gain(aspersec.111A) Rs.127000
other income Rs.193000
amt. deductible us.80G Rs.1000
ppf contribution Rs.6000
CALCULATE TAX LIA. OF MRS.X(29 YEAR) IS NON RESI. IN INDIA FOR A.Y. 2010-2011.
07 July 2010
total income = 127000 + 193000 = 320,000
Income other than capital gains = 193,000
Less: Deduction under chapter VI -A
u/s 80C - PPF = 6000
u/s 80G - Donation = 1000
total 7,000
Net income = 186,000
Tax on above = 2,600
(186,000 - 160,000) * 10%
Basic exemption Rs. 160,000 since she is a non resident.
Tax on STCG u/s 111A = 19,050
(127,000 * 15%)
Total tax = 21,650
Education cess @ 3% = 650
Total tax payable = 22,300
Add interest u/s 234B & 234C as applicable.
Income other than capital gains = 193,000
Less: Deduction under chapter VI -A
u/s 80C - PPF = 6000
u/s 80G - Donation = 1000
total 7,000
Net income = 186,000
Tax on above = 2,600
(186,000 - 160,000) * 10%
Basic exemption Rs. 160,000 since she is a non resident.
Tax on STCG u/s 111A = 19,050
(127,000 * 15%)
Total tax = 21,650
Education cess @ 3% = 650
Total tax payable = 22,300
Add interest u/s 234B & 234C as applicable.
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