Hello,
Mrs. X (Aged 64) has income as follows...
Interest Income - 352342/-
Long Term Capital Gain - 4,47,989/- (From sale of inherited residentail house property )
Investment in 80C - Rs. 1,50,000/-
as per my LTCG Tax payable is subject to basic exemption limit.
up to 5 lk income would be taxed @ 10%.
Incremental income of Rs. 150,331 will be taxed @ 20%
so total tax = 20,000 + 30,066 = 50,066 + Cess @ 3% (Rs. 1501)
Total Tax. = 51567/-
please advise if the understanding is correct.
Basic exemption limit can be adjusted against LTCG only after adjusing against other income. So
IFOS: 352342 - 150000 (80C) - 202342 (out of 3 lacs exemption limit)
LTCG: 447989 - 97658 (balance out of 3 lacs) = 350331
Tax payable @ 20% on 350331 = 70066 + 3% Cess
| Originally posted by : Poornima Madhava | ||
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Basic exemption limit can be adjusted against LTCG only after adjusing against other income. So
Hi, Thanks for reply...Just want to know will tax limit of 10% i.e. for slab 3 to 5 will not be avialable ?? regards, chirag |
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But for LTCG, so such provision. Flat 20% applicable in this case.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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