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Compute tax payable by nanak assuming that he is more than 60 years of age.
Nanak as submitted the following details of his income for the assessment year 2022 -2023 .which amounted to rs 1300000 .it include rs 120000 from long term capital gains and rs 15000 on account of bending from lottery .he has deposited Rs 50000 in public provident fund during the previous year .compute tax payable by nanak assuming that he is more than 60 years of age.
Replies (1)
The taxability of capital asset gain depending on the type shall be taxed under 112A for listed shares and 112 for others @ 10 and 20% respectively
for lottery it shall be taxed @ flat rate of 30%
the amt deposited into PPF is irrelevant has deductions are not allowed against such incomes
but remember if the capital gain is 112 gains then we can take the benefit of unexhausted basic exemption limit ie 3 lacs
for lottery it shall be taxed @ flat rate of 30%
the amt deposited into PPF is irrelevant has deductions are not allowed against such incomes
but remember if the capital gain is 112 gains then we can take the benefit of unexhausted basic exemption limit ie 3 lacs
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