banner_ad

SURCHARGE ON SALARY INCOME AND CAPITAL GAINS

Tax queries 1074 views 2 replies

WHAT WILL BE THE SURCHARGE AMOUNT AND MARGINAL RELIEF ON GROSS SALARY INCOME OF Rs. 2,03,00,000 (UNDER OLD REGIME) AND LTCG ON PROPERTY (WITH INDEXATION) OF Rs. 3,10,00,000 FOR THE FINANCIAL YEAR 2023-24. 

Replies (2)

To calculate the surcharge amount and marginal relief on gross salary income and long-term capital gains (LTCG) on property, we'll need to consider the tax slabs and surcharge rates for the financial year 2023-24.

Assuming the individual is a resident individual and has no other income except the gross salary income and LTCG on property, here are the calculations: 

Gross Salary Income: Rs. 2,03,00,000 - Taxable income (after deductions and exemptions): Rs. 2,03,00,000 (assuming no deductions or exemptions) -

 Tax liability (as per old regime): Rs. 63,37,500 (using the tax calculator or tax tables) - Surcharge (10% of tax liability): Rs. 6,33,750 -

Total tax liability (tax + surcharge): Rs. 69,71,250 LTCG on Property (with indexation): Rs. 3,10,00,000 - LTCG (after indexation and exemptions): Rs. 3,10,00,000 (assuming no exemptions) -

 Tax liability (20% of LTCG): Rs. 62,00,000 - Surcharge (10% of tax liability): Rs. 6,20,000 -

Total tax liability (tax + surcharge): Rs. 68,20,000 Marginal relief is applicable when the surcharge is more than the tax liability. 

In this case, the surcharge on salary income is Rs. 6,33,750, which is less than the tax liability. 

However, the surcharge on LTCG is Rs. 6,20,000, which is also less than the tax liability. Therefore, marginal relief is not applicable in this scenario. 

Please note that these calculations are simplified and do not consider other factors that may impact tax liability, such as other income, deductions, exemptions, or tax credits. 

On salary income you will get marginal relief of 393750 if that is your only income. surcharge on capital gain depends on your net taxable capital gain.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details