hello
if a clients long term gain on sale of land is say, 8cr for F.Y. 2013-14, then what would be the tax calculation for the A.Y. 2014-2015???
would it be ltcg rate 20% + surcharge10% + ec & sheces 3% or ltcg rate20% + ec & sheces3%???
thanks in advance.
Tax on LTCG @ 20% ....no ques of surchage on special rat 20% ...because schg only on slab rate or on flat rate ...but not on special rates
Surcharge is levied at 10% on Income tax payable if total income exceeds Rs. 1 Crore in that previous year. Nowhere in the Income tax act specified that it is only leviable only on Slab rate or Flat rate. Hence, To the best of my knowledge, it is leviable on Income Tax payable which includes Tax on Long Term Capital Gains( @ 20%).
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