exemption in capital gain (proviso to Sec.112(1)(a)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 April 2010
Dear sir,
i m confused in following problem
Proviso To Sec.112(1)(a) said in case of a person having taxable income less than exemption limit but due to capital gain it increases & cross the exemption limit than tax to be computed as follows:
Exemption limit-(net income-Capital gain)
Now my ques is that if there is no other income or such income is so minor suppose Rs.20000 & capital gain is Rs.10,00,000 then what amount is taxable as capital gain.
kindly give solution in brief.
Thanks
i m confused in following problem
Proviso To Sec.112(1)(a) said in case of a person having taxable income less than exemption limit but due to capital gain it increases & cross the exemption limit than tax to be computed as follows:
Exemption limit-(net income-Capital gain)
Now my ques is that if there is no other income or such income is so minor suppose Rs.20000 & capital gain is Rs.10,00,000 then what amount is taxable as capital gain.
kindly give solution in brief.
Thanks
Deepak Goel
(Expert)
01 April 2010
In your case (A.Y. 2010-11) tax due is Rs.132638/- (i.e. 20000 (-) 1500/- + 1000000=1018500 less 160000 = 858500 *(15.45%) = 132638/-
01 April 2010
AGREE
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