LTCG Calculation

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Devendra (Querist)
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22 June 2011 1) Mrs. X is having LTCG income402915. What is the tax liability?

2) Mrs. X is having LTCG income402915, along with salary income832500 (net)?

Please give the calculation.

Regards,
Devendra K

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 June 2011 The calculation depends on the nature of LTCG.

If the LTCG is from shares then the tax is Nil.

If it is on sale of other assets then @20%+3%

If you do not want to pay the tax then invest eh LTCG in Bonds.

Tax with salary Income. Calculate the regular tax on salary and then Add 20%+3% for Capital Gains

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 June 2011 In case Mrs X does not have any other income , deduct 190000/ from the LTCG and calculate 20% tax

CA Harish Suwalka

CA Harish Suwalka (Expert)
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23 June 2011 Ans : 1. 43860
2. Tax (exemption limit 190k) 100750
Tax on LTCGain 80583
= Total Tax 181333
Edu. Cess 5440
Total= 186773

CA Harish Suwalka

CA Harish Suwalka (Expert)
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23 June 2011 the above tax liabilities doesn't includes Interest u/s 234

Devendra

Devendra (Querist)
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23 June 2011 What if the Assessee has other incomes (like salary, interest income) along with LTCG? Will Rs. 190000 (ie. basic exemption) will still be deductible?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 June 2011 Yes in all cases. If you have no other income only the capital gains you will get the basic deduction or say exemption and then only your tax shall be calculated.

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