Incometax
This query is : Resolved
02 September 2013
x- has HP income(net) 203000
x- has long term C. gain 424547
x- has SB 80TTA income 1408
x- paid LIC Sec 80C 99730
Please Please calculate tax in details.
whether can 80c adjusted against LTCG.
Thanks.
x- has long term C. gain 424547
x- has SB 80TTA income 1408
x- paid LIC Sec 80C 99730
Please Please calculate tax in details.
whether can 80c adjusted against LTCG.
Thanks.
02 September 2013
Hp 2,03,000
(-)80C (99,730)
(-)80TTA (1408)
Net income 101,862
less :Basic slab (101,862)
Net tax on total income nil
Tax on LTCG :
LTCG 4,24,547
tax@20 % on above 84,909
net tax payable -nil
(84,909 is exempted as
98,138(2,00,000-1,01,862 basic slab)
(-)80C (99,730)
(-)80TTA (1408)
Net income 101,862
less :Basic slab (101,862)
Net tax on total income nil
Tax on LTCG :
LTCG 4,24,547
tax@20 % on above 84,909
net tax payable -nil
(84,909 is exempted as
98,138(2,00,000-1,01,862 basic slab)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
