Query in calculation of marginal relief

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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

 

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On 19 April 2023 at 22:47 Report
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Quick Summary
This discussion addresses a query regarding the calculation of marginal relief for an Indian resident aged 27. The individual's income includes capital gains under section 112A and income from other sources. The user sought clarification on how to correctly calculate their tax liability for AY 23-24, specifically concerning the application of marginal relief when income exceeds certain thresholds. A detailed explanation was provided, simplifying the process of determining the final tax amount.

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SEO Sai Gr. Hosp.
212455 Points Posted on 20 April 2023

Rs. 68,250/-                       

1 Reply
On 20 April 2023 at 09:58
Guest

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.

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On 20 April 2023 at 10:15
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SEO Sai Gr. Hosp.
212455 Points Posted on 20 April 2023

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

1 Reply
On 20 April 2023 at 13:22
Guest

Okay sir you have made very easy to understand.

Thank you so much for the reply.

 

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On 20 April 2023 at 14:44
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SEO Sai Gr. Hosp.
212455 Points Posted on 20 April 2023

My pleasure.                           

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On 20 April 2023 at 14:51

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