Income from sale of shares
This query is : Resolved
16 December 2021
Mr Arjun is getting annual pension of Rs.4,00,000. In addition to this he has long term capital gains from sale of shares Rs.50,000. Kindly clarify his Income Tax liability.
16 December 2021
Considering the rebate u/s. 87a of IT act, net tax liability will be NIL.
16 December 2021
IT on salary 3,50,000 after 16(ia) deduction Rs. 5000/-
Tax @ 20% on capital gains Rs.50,000 Rs. 10,000/-
Total tax Rs. 15,000/-
Less: rebate U/s 87A Rs. 12,500/-
Balance Rs. 2,500/-
Add:- H.E. cess @ 4% Rs. 100/-
Tax payable Rs.2,600/-
Tax @ 20% on capital gains Rs.50,000 Rs. 10,000/-
Total tax Rs. 15,000/-
Less: rebate U/s 87A Rs. 12,500/-
Balance Rs. 2,500/-
Add:- H.E. cess @ 4% Rs. 100/-
Tax payable Rs.2,600/-
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16 December 2021
1. Yes Sir, agree with your detailed calculation for the assessee below sixty years of age.
2. The question seems from any text book (viva or 2 mark), where the age of the assessee is also required to be presumed based on receiving "Annual Pension" .........
3. Whether LTCG will be taxable or exempt (u/s. 112A) is more doubtful........
2. The question seems from any text book (viva or 2 mark), where the age of the assessee is also required to be presumed based on receiving "Annual Pension" .........
3. Whether LTCG will be taxable or exempt (u/s. 112A) is more doubtful........
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