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Liability of tax
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?
Replies (10)
Quick Summary
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
Do you have any other sources of income?
Do you have any other sources of income?
Tax liability is 1,92,000 + EC i.e. 20% of Rs. 9,60,000/-
182000+ 4% cess
189280
189280
GTI =1260000/-
DEDUCTION UNDER CHAPTER VI-A = 50000
Net Taxable Income = 1210000
Basic Exemption would be Rs.300000
balance income taxed @ 20 % u/s 112
Hence , Effective tax liability = 1,89,280/-
DEDUCTION UNDER CHAPTER VI-A = 50000
Net Taxable Income = 1210000
Basic Exemption would be Rs.300000
balance income taxed @ 20 % u/s 112
Hence , Effective tax liability = 1,89,280/-
Yes it would be around 187200
Thanks
I agree to Mr. Prajapati. Tax would be 189280/- @ 20.8%
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