MY INCOME OTHER THAN LTCG (112A) IS 560000, LTCG (112A) IS 70000 AND DEDUCTION UNDER SEC. 80 IS 80000. . MY NET TAXABLE INCOME IS 570000. IS MY INCOME IS TAXABLE? AS LTCG IS EXEMPT BELOW 100000, AFTER DEDUCTING LTCG AS EXMEPT TAXABLE INCOME COMES TO 490000. SHOULD I LIABLE TO PAY TAX?
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LTCG QUERRY
Replies (3)
Quick Summary
Your calculations are wrong..
Your total income after sec 80 is 550000 (other then LTCG 480000 and LTCG 70000) as deduction u/s 80 is not allowed from LTCG. So you are liable to pay tax. But if you want to save your taxes check your inbox.
Your total income after sec 80 is 550000 (other then LTCG 480000 and LTCG 70000) as deduction u/s 80 is not allowed from LTCG. So you are liable to pay tax. But if you want to save your taxes check your inbox.
LTCG (112A) will be exempt as it is below Rs.1 lakh.
After deduction u/s. 80C from Rs. 5.50L net taxable income is Rs. 4.80 L, which is below Rs. 5 lakhs.
Apply rebate u/s. 87A , net tax liability will be NIL....
Pls recheck and send , may be there are some añamolies.
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