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 !!
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Capital gain 111A simple question . plz help
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
Replies (34)
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 | ||
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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.
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