long term capital tax

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  1. akash sha

    akash sha New Member

    business income= 225000
    intrest income = 60000
    Total income 285000
    longtrm capital gain 215000
    total income of year 500000
    how much tax liability will be made ? & can i get the benefit of 80c by investing rs1.5lakh then how much tax liability will made?
     
  2. Raj Gupta1

    Raj Gupta1 Member

    Tax liability
    After charging 80C- Rs.18540
    Without charging 80C- Rs. 47895
     
  3. hemanth k

    hemanth k New Member

    Dear frd u r total income exceeded basic exemption limit of rs 250000 and also after deducting LTCG you have excess income of 285000(500000-215000).You can avail deduction under 80c,80ccc for maximum limit of 150000.
    tax to be paid on income is as follows
    for LTCG 215000*20%=43000
    and the balance amout is 285000 if u availed deduction of 1.5 lakh then u r taxable income is rs 135000(285000-150000).Thus u need not to pay any tax on such income becz of it was not exceeded the basic exemption limit of 2.5 lakh.
    and final payment of tax is rs 43000
     
  4. TAX LIABILITY ON THE ASSUMPTION THAT LTCG COVERED UNEDR SPECIAL RATES @20%=44290
     

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  5. Raj Gupta1

    Raj Gupta1 Member

    1.WITHOUT CHARGING 80C
    business income= 225000
    intrest income = 60000
    Total income 285000

    On applying slab rates
    on first 250000-NIL
    Next 250000-10%
    Tax on Normal income=35000*10%=3500

    Tax on LTCG
    215000*20%=43000

    Total Tax=3500+43000=46500
    +EC/[email protected]%=1395
    Total tax liability=47895

    2.AFTER CHARGING 80C

    business income= 225000
    intrest income = 60000
    LTCG=215000
    Gross Total income=500000
    less deduction u/s 80c=150000
    Total Income=350000

    Normal Income= 225000+60000-150000=135000
    (Income is less than the exemption limit of 250000. So the deficiency will be deducted from LTCG)
    Deficiency= 250000-135000=115000(to be deducted from LTCG)
    Now, Normal income is NIL

    LTCG=215000-115000=100000
    Tax @ 20% on 100000=20000
    Rebate u/s 87A (since total income after deductions is less than Rs. 50000
    Therefore,Less 2000
    20000-2000=18000
    +EC/[email protected]%=540
    total tax liability=18540
     
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