Basic of income tax

This discussion covers the basics of income tax, specifically focusing on the tax liability for an individual with a long-term capital gain of £3.5 lakh. It explains how the basic exemption limit of £2.5 lakh applies, with the remaining amount taxed at 20%. The post also clarifies that if this is the individual's only income, the tax payable after a rebate under section 87A would be £7,800.