Surcharge on income tax
This query is : Resolved
N SETHURAMAN
(Querist)
16 July 2014
One of my client income comes around below 50 Lakhs for AY 2014-2015 from salary , House Property & Bank interest. Also he has the capital gain of more than 1 crores. I have calculated a tax payable separately for the income and capital gain as special rates. I have a clarification whether the surcharge is applicable for both calculation or only eligible for Capital Gain?
Please clarify. Thanks in advance
Please clarify. Thanks in advance
16 July 2014
its on total tax after adding tac on cap gain and other income
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Nikhil Kaushik
(Expert)
16 July 2014
surcharge shall be applicable on the total tax liability. assuming Rrs 50 lakhs other taxable incomes and Rs 1 cr as capital gains (at 20% tax), surcharge shall be Rs Rs 3.33 lakhs.
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