My income is solely from share market and I earn yearly Rs.5,00,000 from share market which is surely short term capital gain income. I have made yearly NSC of amount Rs.1,00,000 per annum. Please calculate my total tax libility (short term capltal gain tax + income tax) with details.
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Tax calculation
Replies (6)
On the basis of info given, the tax liability will be Rs. 77,250/-
@ Mihir... Plz tell How you Calculate this tax amount
in my opinion the exemption limit of 200000 is also available in case of short term capital gain. if there is no other income.
Total Income will be 5,00,000 (You will not get benefit u/s 80C)
Amount not chargeable to Tax = 2,00,000
STCG for tax computation = 300000
Tax @ 15% = 45000
Cess @ 3% = 1350
Total = 46350
Agree with Mr. Deepak. Calculation of Mr. Suraj is correct.
i am a sr.citizen. My gross income( pension and bank interest) is Rs.6.90 lacs for this FY 2012-13.. Invested Rs.1.00 lac under 80CC. what is my tax liability. pl clarify.
@ geetha narayan,
net income is 6.9-1=5.9
for senior citizen tax exempt up to 5lacs,
for 90000 it is taxable @ 20% and 3% edu cess,
taxable amount will be around 18540.
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