Long Term Capital Gain
This query is : Resolved
28 March 2008
Whether tax liability will arise if total income of a lady is Rs.90000/- in the financial year 2005-06 & Rs.90000 full of Long Term capital gain.
28 March 2008
priya it will be tax liability will be
upto Rs.50,000 amount is exempted
after that for 10,000 you need to pay rs.1000 and upto 1,50,000 you need to pay 18000. and for remaining amount you need to pay rs. 9000.
So your tax liability will be 28000 and you will be get a exemption u/s 88B as a female assesee. you will be get a exemption of rs.5000.so your tax liabilty will be Rs.23000 plus 2% education cess
upto Rs.50,000 amount is exempted
after that for 10,000 you need to pay rs.1000 and upto 1,50,000 you need to pay 18000. and for remaining amount you need to pay rs. 9000.
So your tax liability will be 28000 and you will be get a exemption u/s 88B as a female assesee. you will be get a exemption of rs.5000.so your tax liabilty will be Rs.23000 plus 2% education cess
28 March 2008
but this liability can be change acc to your investment and all
28 March 2008
but this liability can be change acc to your investment and all
28 March 2008
No. Refer Para 72.1.3 of 30th edition of Singhania's Direct Taxes Ready Reckoner
28 March 2008
Mr Amit, as per the issue raised by Ms Priya, the total income is LTCG. In that case any excess of the exemption limit would be charged @10% if STT paid, otherwise 20% for no STT.
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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Eway bill for machinery reparing
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Income of an individual
- Applicable TDS for Purchase of Flat from NRI
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
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
