Doubt in Tax

LTCG(OTHERS)=180000

STCG(STT PD)=170000

AND

THE ASSESSEE IS A SENIOR CITIZEN. THEN WHAT WILL BE TAX CALCULATION  FOR A.y2011-12

Replies (4)

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.

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