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Tax liability calculation?
Total income of Hari, a resident individual is 4,90,000 for AY 21-22. His income compromise of LTCG on sale of land is 2,00,000 and PGBP is 2,90,000. Find tax liability.
Replies (4)
His total liability will be 30680 rupees
Remember you can use BEL for LTCG only after all other incomes are adjusted against BEL.
here you have business income of Rs. 2,90,000 which has ate all your BEL and you don't have BEL balance to use against LTCG. hence you have to pay tax as below
Business income is 2.9L-2.5L=40K*0.05=2K
LTCG=2L*0.2(LTCG Rate)=40K
Tax Liability is 40k+2k-12.5k=29.5k+1.18k=30.68k
30680.
i confirm the computation provided by ramaraju
i confirm the computation provided by ramaraju
Agree as I mentioned earlier
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