a senior citizen having income as long term capital gain of Rs.1200000/-, and Bank Interest of Rs.60000/- as total income during F.Y. 2020-21, what shall be the tax liability?
No liability as in case of senior citizen if taxable income doesn't exceed 300000 rupees during the year then LTCG is exempted and in your case taxable income is less than basic exemption limit
Sir, the total income becomes 12,60,000/- which attracts the tax liability. I meant to say that the tax thus calculated shall be @ 20% or as per the normally calculated? please refresh
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