80c deduction

This query is : Resolved

ABHILASH (Querist)
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25 December 2013 Friends..i need a clarification. .. my IFHP is Rs.250000 long term capital gain is Rs.100000..and 80c ded is Rs.100000..I want to know hw much tax i has to pay for this F.Y

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 December 2013 Deduction u/s 80C will be allowed from Income from House Property.

So income taxable at normal rates is Rs. 1,50,000

You have unutilized exemption limit of Rs. 50,000/- which will be reduced from LTCG.

So taxable LTCG is Rs. 50,000

Tax on LTCG will be 20% = 10,000 as increased by cess of 3%.