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Query in calculation of marginal relief

Others 439 views 5 replies

Mr. Ajay resident of india. aged 27 years old. His income for PY 22-23 are as follows-

Capital gain u/s 112A Rs. 90000

Income from other sources Rs. 5000000

What will be tax liability for AY 23-24?

Note : I'm having issue in calculation of marginal relief. 

Can anybody provide me with amount of marginal relief?

Thanks in advance

 

Replies (5)

Rs. 68,250/-                       

Thanks for the reply Dhiraj Sir.

So in this particular case we need to assume that capital gain of 90000 is out of Rs. 50 lacs while calculating Tax on 50 lacs and then add difference between NTI & 50 lacs. Then tax will be restricted to Rs. 1375500.

Correct. In another way the surcharge is Rs. 63000/- only. 

Okay sir you have made very easy to understand.

Thank you so much for the reply.

 

My pleasure.                           


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