Tax Calculation
This query is : Resolved
22 February 2009
In case of resident individual, what has to be given preference to deduct the basic exemption while calculating the tax if that person has income taxable at normal as well as special rate of tax.
e.g: If his income from other sources is Rs. 80,000/-, short term capital gain taxable at special rate of 10% is Rs.15,000/- and long term capital gain taxable at special rate of 20% is Rs.2,00,000/-. In which order should the above said incomes can be deducted as basic exemption from tax.
e.g: If his income from other sources is Rs. 80,000/-, short term capital gain taxable at special rate of 10% is Rs.15,000/- and long term capital gain taxable at special rate of 20% is Rs.2,00,000/-. In which order should the above said incomes can be deducted as basic exemption from tax.
23 February 2009
Basic exemption is not available for LTCG. So the tax calculations are as follows :
Other Income & STCG : Rs. NIL
LTCG: Rs. 40,000 ( @ 20%)
Other Income & STCG : Rs. NIL
LTCG: Rs. 40,000 ( @ 20%)
23 February 2009
Mr.Chetan utilization of ltcg is absolutely allowed even agst LTCG.
U will first discharge IFOS, then LTCG and STCG(regd 2nd and 3rd option there is no prescribed law, as a result the assessee can go for the amt which is most beneficial to him).
U will first discharge IFOS, then LTCG and STCG(regd 2nd and 3rd option there is no prescribed law, as a result the assessee can go for the amt which is most beneficial to him).
23 February 2009
thnx Mr. Nitin
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
