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Capital gain 111A simple question . plz help

(Guest)

`basic exemption limite being 190000 (women)`

`now , she has a salary income of 190000 and a short term capital being rs`

`30000 covered under section 111A ( taxed @ 15 percent ). she also has`

`an lic of 100000.. now compute her tax !!`

`please dont confuse. respond only if u r sure enough !!`

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34 Replies

Sonam Bidasaria (CA) (770 Points)
Replied 13 January 2011

Salary 190000

Capital Gain 30000

GTI 220000

Deduction 80C 100000 (Against Salary Income)

Total Income 120000 < 190000 so it will be exempted.

tax liability - Rs. NIL

1 Like

Manmohan ACA, CS (Chartered Accountant ) (14243 Points)
Replied 13 January 2011

Originally posted by : Sonam Bidasaria
	Salary 190000 Capital Gain 30000 GTI 220000 Deduction 80C 100000 (Against Salary Income) Total Income 120000 < 190000 so it will be exempted. tax liability - Rs. NIL

completely agree

1 Like

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 13 January 2011

Since total taxable income does not exceed the taxable limit no tax payable.

1 Like

Rajeev Kumar singh (Article) (36 Points)
Replied 13 January 2011

Her Net total income is less than basic exemption limit(190000) hence No tax liability

2 Like

Bhav Bhuti Sharma (Towards Professionalism ) (823 Points)
Replied 13 January 2011

we cant claim deduction U/S 80 against capital gain .. but we claim Basic exemption limit & claim deduction against salary so liability will be NIL

1 Like

Raghunath Prasad (WORKING) (385 Points)
Replied 13 January 2011

Salary 190000

Capital Gain 30000

GTI 220000

Deduction 80C 100000 (Against Salary Income)

Total Income 120000 < 190000 so it will be exempted.

tax liability - Rs. NIL

1 Like

AMIT KUMAR (Artical Assistant) (31 Points)
Replied 13 January 2011

Computation of Income

Income from Salary 190000

Income from Capital Gain 30000

Gross Total Income 220000

Less: Deduction U/s 80c

(Against only Salary Income) 100000

Total Income 120000

Tax Liabilities 0

1 Like

(Guest)

Truly agree with all above explanations ...

(Guest)

But i wanna ask one thing tht if his income frm salary is 190000 n he has nt any amt which can b deducted u/s 80C, 80CC,80CCD. n his capital gain is 30000 then how it wil b taxable ...

would the LTCG will b taxable at simply 20 % rate n remaining will b deducted.

1 Like

CA Saba Naaz (Chartered Accountant) (8487 Points)
Replied 13 January 2011

right........ no tax liability.

4 Like

CA Saba Naaz (Chartered Accountant) (8487 Points)
Replied 13 January 2011

Naina......... LTCG will be taxed at 20% rate ......

But, if the total income falls short of the maximum exemption limit , the part of LTCG will be shifted to the extent it is required to cover the maximum exemption limit. Remaining will be taxed at 20%.

4 Like