28 March 2008
Whether tax liability will arise if total income of a lady is Rs.90000/- in the financial year 2005-06 & Rs.90000 full of Long Term capital gain.
28 March 2008
priya it will be tax liability will be upto Rs.50,000 amount is exempted after that for 10,000 you need to pay rs.1000 and upto 1,50,000 you need to pay 18000. and for remaining amount you need to pay rs. 9000. So your tax liability will be 28000 and you will be get a exemption u/s 88B as a female assesee. you will be get a exemption of rs.5000.so your tax liabilty will be Rs.23000 plus 2% education cess
28 March 2008
Mr Amit, as per the issue raised by Ms Priya, the total income is LTCG. In that case any excess of the exemption limit would be charged @10% if STT paid, otherwise 20% for no STT.
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