Computation of tax
This query is : Open
03 April 2012
total income 250000 including LTCG 120000,lottery income 10000,and remaining other income.what shall be the tax liability
04 April 2012
LTCG - Rs. 1,20,000 (taxable @ 20%)
Lottery - Rs. 10,000 (taxable @ 30%)
Other Income - 1,20,000
Assuming the assessee is an individual the slab rate is 1,80,000.
Unutilised slab rate is Rs. 60,000 (1,80,000 - 1,20,000)
Use this unutilised amount as set off.
First reduce Rs. 10,000 from lottery income. Lottery income will become NIL.
Then reduce the remaining Rs. 50,000 from LTCG. Taxable LTCG shall be Rs. 70,000/-
Tax on LTCG @ 20% = Rs. 14,000 as increased by cess of 3%.
Lottery - Rs. 10,000 (taxable @ 30%)
Other Income - 1,20,000
Assuming the assessee is an individual the slab rate is 1,80,000.
Unutilised slab rate is Rs. 60,000 (1,80,000 - 1,20,000)
Use this unutilised amount as set off.
First reduce Rs. 10,000 from lottery income. Lottery income will become NIL.
Then reduce the remaining Rs. 50,000 from LTCG. Taxable LTCG shall be Rs. 70,000/-
Tax on LTCG @ 20% = Rs. 14,000 as increased by cess of 3%.
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04 April 2012
sir as per my knowlege basic exemption limit is not allowed from lottery income.it is taxable at flat 30%
04 April 2012
Dear Jitendra,
You are right no threshold limit is applicable for Lottery winning, it is flat 30% whereas it can be adjusted LTCG.
You are right no threshold limit is applicable for Lottery winning, it is flat 30% whereas it can be adjusted LTCG.
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