Computation of income tax

Mr X is having 

LTCG of Rs. 7,00,000

STCG u/s 111A of Rs. 4,00,000

Other Income of Rs. 84,000

What is the amount of income tax payable by Mr. X?

Please Help Friends

Mr. X is falling under slab of 250000

What is the bifurcation of Basic Exemption limit availabe to Mr. x

Replies (5)

Is long term capital gains is over equity shares? Whether ST paid over its sale?

No it is not on equity shares or any other security.

 

So, long term capital gains after indexation will be charged at 20%.

STCG  ( 4.84-2.50 L) = 2,34,000/- will be charged at 15%

Assuming no other income/s.

Originally posted by : Dhirajlal Rambhia
So, long term capital gains after indexation will be charged at 20%.

STCG  ( 4.84-2.50 L) = 2,34,000/- will be charged at 15%

Assuming no other income/s.

But as per proviso to section 111a

basic exemption to STCG of sec 111a is available only if the total income after reducing such stcg is less than the basic exemption limit 

and same language is also there in the case of proviso to section 112(LTCG)

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