Capital gain 111A simple question . plz help

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

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

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

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

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

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

                                      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

Truly agree with all above explanations ...

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.

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

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%.

naina.. i am assuming that u meant herwhen u wrote his..

in ur case.. ltcg will be taxed at 20 percent and the rest will be at nil tax rate due to basic ezemption to women......

her net income after d/d is lower than mxl..so no tax will be computed..

Really r8 ..i was asking the same q...thx for clearing my doubt.