Tax on total income
This query is : Resolved
MAKARAND DAMLE
(Querist)
15 December 2021
Income of Senior Citizen as follows
Salary income after std dedn Rs.16,228/-
Speculation Profit from shares Rs.18,475/-
Long Term capital gains on sale of shares Rs.34,789/-
Short Term capital gains on sale of shares Rs.1,24,212/-
Income from other sources Rs.4,79,325/-
Gross Total Income Rs.6,73,029/-
Less : U/s 80C Rs.1,45,000/-
u/s 80TTB Rs.50,000/-
Total Income Rs.4,78,029/-
My question is whether there will be any tax payable or will be fully covered u/s 87A ?
Salary income after std dedn Rs.16,228/-
Speculation Profit from shares Rs.18,475/-
Long Term capital gains on sale of shares Rs.34,789/-
Short Term capital gains on sale of shares Rs.1,24,212/-
Income from other sources Rs.4,79,325/-
Gross Total Income Rs.6,73,029/-
Less : U/s 80C Rs.1,45,000/-
u/s 80TTB Rs.50,000/-
Total Income Rs.4,78,029/-
My question is whether there will be any tax payable or will be fully covered u/s 87A ?
CA R SEETHARAMAN
(Expert)
15 December 2021
Tax payable in view of long term and short term capital gains where 20% and 15% tax payable as against the rebate 87A of 5%.
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