Doubt in Tax

While calculating GTI take all incomes whether LTCG,STCG and other incomes if any. But do care of few things while calculating tax liability.

Charge tax liability on LTCG @ 20% separately

STCG if u/s 111A then charge tax @ 15%, else include it in total income and apply slab.

now you can calculate tax liablity by applying that particular PY slab.

** Dont forget to take the benefit of Shifting while computing your tax liability**

Deepak Bhardwaj

Originally posted by : aditya
	LTCG(OTHERS)=180000 (after index benefit ) 1.8*20% = 36000/- STCG(STT PD)=170000 = 15% flat = 25500 OTHER INCOME=240000 = NIL  AND THE ASSESSEE IS A SENIOR CITIZEN. THEN WHAT WILL BE TAX CALCULATION?

Total Tax liability = 36000+25500 = 61500

As ur saying STT pd on STCG , it represents exumpt income. As far as LTCG is concerned.. if the assessee is having no other income , then his basic exumption limit i.e. 240K should be utilised and therefore he will have no tax.( 180K-240K = -6K)

If the assessee has other income then check whether the same is below maximum exemption limit. If yes, then first deduct LTCG from the remaining amount of exemption limit.