31 July 2013
Dear Sir, A person has income from business of Rs 12690/- and Long term Capital Gain 177400/- total amounting to Rs 190090/- below excemption limit but when filling details in ITR 4 EXCEL Format it was showing tax liability of Rs 2100/- why so as capital gain is adjusted with Maximum Excemption Limit. Please help...
03 August 2013
Proviso to section 112 provides for in case of resident assessee if the total income excluding the LTCG is less than the maximum amount not chargeable to tax the deficiency is to be reduced from the LTCG and the remaining gain would be taxed at the rate of twenty percent.
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