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surcharge on taxable income
hi , my taxable income is 49,50,000.i have long term capital gain from stock market is 65000. so may I have to pay surcharge for income above 5000000
Replies (6)
You may not have to pay in view of maximum marginal relief.
but short term capital gain income added in total taxable income or not?
LTCG upto 1 lakh is exempt and therefore your total income will be below 50 lakhs. so no surcharge worry
if such long term capital gain cover under sec 112A then your taxable income will less than 50 lakhs hence no surcharge
if not covered under sec 112A then go for MMR
if not covered under sec 112A then go for MMR
what is section 112a
sec 112A
Any LTCG arise on transfer of following
1. Listed equity shares or
2. units of equity oriented fund or
3. units of business trust
with STT(securities transaction tax) paid
then Such LTCG will be exempt from tax upto 1lakh beyond which will be taxable at flat 10%
Any LTCG arise on transfer of following
1. Listed equity shares or
2. units of equity oriented fund or
3. units of business trust
with STT(securities transaction tax) paid
then Such LTCG will be exempt from tax upto 1lakh beyond which will be taxable at flat 10%
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