Income tax

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manohar nirne (Querist)
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31 August 2013 sir,

x-business income Rs. 270000
x-Long Term C Gain Rs. 80000
x-has 80C Dect.Rs. 100000

Please calculate taxation in detals.
whether set-off against long term gain.

Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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31 August 2013 assuming that it non senior males:
Business income- Rs 270,000
less deduction under sec 80C 1,00,000
Net income - Rs 1,70,000
Net income is not taxable as under basic slab of Rs 2,00,000.

Capital gain -LTCG of 80,000 (-)30,000(2,00,000 (basic slab)-170,000 availed for business income)=50,000 @ 20 %=10,000
+3% (EC+ SHEC).

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