Proviso to section 112(1)

It is for assesse to decide wheter to opt for provision or not. He will opt that option which is most benefitial to him (for eg. lower tax)

A 10,000 X .20 or 18,000 X .10 (whichever is lower , i.e  1800 under provisio of sec 112(1))

B 15,000 X .20 or 32,000 X .10 (whichever is lower ,i.e 3000 NOT UNDER provisio of 112(1)

Further under provision of sec 112 , If total income includes LTCG then tax payable is 20% of LTCG + normal tax on remaining income

LTCG shall be reduced by the amount by which the total income  so reduced falls short of MAXIMUM AMOUNT NOT CHARGEABLE TO INCOME TAX and balance is charged @ 20%

Originally posted by : Z
	It is for assesse to decide wheter to opt for provision or not. He will opt that option which is most benefitial to him (for eg. lower tax) A 10,000 X .20 or 18,000 X .10 (whichever is lower , i.e  1800 under provisio of sec 112(1)) B 15,000 X .20 or 32,000 X .10 (whichever is lower ,i.e 3000 NOT UNDER provisio of 112(1)   Further under provision of sec 112 , If total income includes LTCG then tax payable is 20% of LTCG + normal tax on remaining income LTCG shall be reduced by the amount by which the total income  so reduced falls short of MAXIMUM AMOUNT NOT CHARGEABLE TO INCOME TAX and balance is charged @ 20%

but what about loss of house. how you will treat this

Ioss from house property can also bo adjusted.

What about the taxability of sale of shares not listed on a regonised stock exchange? and what if the LTCG along with rental income together is below Basic exemption limit of the assessee?

Shares purchased in 1995 for 4000 now (2016) sold off market at 105120