Computation of Tax Liability for A.Y. 2011-2012

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AnandKumar (Querist)
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14 January 2011 Mr. X is resident in India & having Longterm Capital Gain of Rs.2,40,000 and Agricultural Income of Rs.5,20,000. what is the tax liability if Mr. X for A.Y.2011-2012

CA B.S.Sridhar

CA B.S.Sridhar (Expert)
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14 January 2011 If we presume that the Long term capital gain has suffered STT and also exempt from tax u/s. 10(38). the aggregation of Agricultural income will be applicable since the amount chargeable to tax is below taxable limits.

AnandKumar

AnandKumar (Querist)
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15 January 2011 Sir this capital gain is not exemot under section 10(38). it is on transfer of Land / Plot. please guide abt tax liability (how to calculate)

CA B.S.Sridhar

CA B.S.Sridhar (Expert)
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18 January 2011 The Tax Liability will be only Rs. 16000/-

Calculation :-

Tax on LTCG After Claiming Basic Exemption of Rs. 1.6L is Rs. 16000/- (ie 80000@20%)
On the Balance 520000/- the Tax is 108000/-

Rebate on agricultural Income is Rs. 108000/- (Tax on 520000+160000)

Hence the tax liability will be Rs. 16000/- (124000-108000)

In case the Non Agricultural Income is subject to special rate of tax, the Aggregation of Agricultural Income will not have an effect.

AnandKumar

AnandKumar (Querist)
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19 January 2011 Thank You B.S. Sridhar Sir

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