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What will be tax if Income from Salary & LTCG ?

vinayak c. chavan (CPT passed) (1011 Points)

14 March 2011

What will be tax for following incomes for A.Y.2011-12:

Salary':80000

Long term capital gain : 100000

Does i have to pay tax only on 20000( 180000-160000[basic exemption limit]) or does i have to pay tax on entire LTCG of rs 1n lacs?

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4 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 14 March 2011

IN YOUR CASE, THE GROSS TOTAL INCOME WILL BE RS. 180000.

TAX ON TOTAL INCOME = 180000-160000 = 20000

TAX = 20000*10% = 2000

E.CESS = 2000*3% = 60

THEREFORE, TOTAL TAX LIABILITY = RS. 2060.

REGARDS,

DEVENDRA KULKARNI

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CA. Abhishek K. Pandey (Manager (Advance)) (901 Points)
Replied 14 March 2011

If you are not getting any exemption u/s 54 for LTCG, then whole 1,00,000.00 will be taxed @ 15%. LTCG is without any slab or deduction.

On 80,000.00 slab will be allowed and hence, no Taxable Income.

So, Tax Calculation will be:

1,00,000.00 * 15/100=15,000.00

Regards,

Abhishek K. Pandey

Devendra (Chartered Accountant) (4775 Points)
Replied 14 March 2011

Long Term Capital Gain :

If your total income including the LTCG is less than the taxable threshold, you would not have to pay any LTCG tax. If your total income excluding LTCG (A) is less than the taxable threshold, but the total income including the LTCG (B) is more than the taxable threshold, you would only have to pay LTCG tax on the excess amount (B - taxable threshold).

vinayak c. chavan (CPT passed) (1011 Points)
Replied 15 March 2011

Originally posted by : vinayak c. chavan
	What will be tax for following incomes for A.Y.2011-12: Salary':80000 Long term capital gain : 100000 Does i have to pay tax only on 20000( 180000-160000[basic exemption limit]) or does i have to pay tax on entire LTCG of rs 1n lacs?

All u guys are wrong i got answer: If my salary is 80000 & LTCG is Rs.100000 then i will have to pay tax on Rs.20000 as LTCG and it will be 20% of 20000 & e-cess...i.e. my tax will be Rs.4000+120(ecess) if my salary is Rs.170000 & LTCG is 100000 then y tax will be as follows: 10% of 10000=1000 (170000-160000=10000) & 20%0f 100000 (20000 as LTCG tax) so my total tax will be 21000 + 630(e-cess)...common guys i am CPT passed still i have find it....and if u want to confirm my answer thengo to https://incometaxindiaefiling.gov.in/portal/downloads.do and download ITR-2 in exce format fill it above figures of salary & LTCG and then click on calculate tax button and see the magic........bookishor knowledge is not important my friends what counts its ur sense of humor at crucial times....well thanks for all the wrong answers...be careful next time answering....dont mind it...