for example
my monthly income :22000rs
per month EPF deduction:3600rs
investing in ELSS FUNDS per month:1000rs
paying premium for health insurance:6000 rs per year
paying premium for term insurance:7000 rs per year
STCG from stocks :50000 rs
LTCG from stocks: 150000 rs
now how can I calulate tax for this and what is the final tax should I pay for this example
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STCG and LTCG tax exclusions and how they are included in actual tax
Replies (2)
Approx Calculations
Normal net taxable income after all dedcutions and savings = Rs. 195,800/-
LTCG on stocks = Rs. 150,000 - exemption U/s. 10(38) Rs. 150000/-
STCG = Rs.50,000/- - Basic exemption not covered Rs. 54200/-
Net Taxable Rs. 0
Tax calculations
STCG = Nil
LTCG = Nil
Normal Income = Nil
after applying the basic exemption limit to whole income the balance LTCG & STCG are taxed at a special rate irrespective of slab rate according to relevant section
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