capital gain

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sweety (Querist)
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07 July 2010 pls. help.........
my que. is
short term cap.gain(aspersec.111A) Rs.127000
other income Rs.193000
amt. deductible us.80G Rs.1000
ppf contribution Rs.6000

CALCULATE TAX LIA. OF MRS.X(29 YEAR) IS NON RESI. IN INDIA FOR A.Y. 2010-2011.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 July 2010 total income = 127000 + 193000 = 320,000

Income other than capital gains = 193,000
Less: Deduction under chapter VI -A
u/s 80C - PPF = 6000
u/s 80G - Donation = 1000
total 7,000

Net income = 186,000

Tax on above = 2,600
(186,000 - 160,000) * 10%

Basic exemption Rs. 160,000 since she is a non resident.

Tax on STCG u/s 111A = 19,050
(127,000 * 15%)

Total tax = 21,650
Education cess @ 3% = 650
Total tax payable = 22,300

Add interest u/s 234B & 234C as applicable.

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