In HUF account, total income is 6.5 lakhs (1 lakh interest and 5.5 lakhs LTCG post indexation). What will be the tax if no 80C deduction? Will entire 5.5 lakhs get taxed at 20% or will the assesse get to use the tax slabs in calculating tax on total income of 6.5 lakhs?
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Tax on LTCG if total income less than 10 lakhs?
Replies (3)
Your total income is 650000 rupees.
interest income is less than basic exemption limit.
then from total income basic exemption limit shall be deducted 650000 minus 250000 shall be 400000 rupees
20 percent tax shall be charged on 400000 rupees shall be
80000 rupees + cess 4 percent will be 83200 rupees total tax liability
interest income is less than basic exemption limit.
then from total income basic exemption limit shall be deducted 650000 minus 250000 shall be 400000 rupees
20 percent tax shall be charged on 400000 rupees shall be
80000 rupees + cess 4 percent will be 83200 rupees total tax liability
Okay, thank you very much for the computation. This really helps!
Your welcome
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