08 January 2010
In my opinion reply of Manmohan is incorrect.
150000(Non taxable bar)-140000(business income)=10000 be set off against Rs 50000 of LTCG. So the LTCG be Rs 40000 on which Tax @ 20% plus 3%
Assumption 1. Person is resident individual aged below 65 years. 2. LTCG is not exempt u/s 10(38) 3. AY is 09-10 and if AY is 10-11, then LTCG be Rs 30000 on which Tax @ 20% plus 3%
08 January 2010
Mr.Pawan is absolutely correct in caculating the tax.LTCG can be shifted to the residual amount not chargeable to tax in case of a resident(assessment year 09-10)..thus out of Rs.50000 LTCG Rs.10000 can be shifted to take benefit of max amount not chargeable to tax..