IT Liability
This query is : Resolved
14 March 2011
MR. X IS HAVING SALARY INCOME95000 AND LTCG75000. WHAT IS THE TAX LIABILITY? (FOR A.Y 11-12)
CA PARAS BAFNA
(Expert)
14 March 2011
For AY 2011-12 Tax Liability NIL
14 March 2011
Will the LTCG be taxed at special rate? OR
Don't we have to take the total of the incomes of the 2 sources ie. Rs. 170000 and tax is charged on the remaining Rs.10000?
Don't we have to take the total of the incomes of the 2 sources ie. Rs. 170000 and tax is charged on the remaining Rs.10000?
Manmohan ACA, CS
(Expert)
15 March 2011
Tax liability 2000 + EC + SHEC
15 March 2011
According to proviso to section 112(1)(a)long term capital gains will be charged only on10000 @20% + EC.
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