Computation of Tax Liability for A.Y. 2011-2012
This query is : Resolved
14 January 2011
Mr. X is resident in India & having Longterm Capital Gain of Rs.2,40,000 and Agricultural Income of Rs.5,20,000. what is the tax liability if Mr. X for A.Y.2011-2012
14 January 2011
If we presume that the Long term capital gain has suffered STT and also exempt from tax u/s. 10(38). the aggregation of Agricultural income will be applicable since the amount chargeable to tax is below taxable limits.
15 January 2011
Sir this capital gain is not exemot under section 10(38). it is on transfer of Land / Plot. please guide abt tax liability (how to calculate)
18 January 2011
The Tax Liability will be only Rs. 16000/-
Calculation :-
Tax on LTCG After Claiming Basic Exemption of Rs. 1.6L is Rs. 16000/- (ie 80000@20%)
On the Balance 520000/- the Tax is 108000/-
Rebate on agricultural Income is Rs. 108000/- (Tax on 520000+160000)
Hence the tax liability will be Rs. 16000/- (124000-108000)
In case the Non Agricultural Income is subject to special rate of tax, the Aggregation of Agricultural Income will not have an effect.
Calculation :-
Tax on LTCG After Claiming Basic Exemption of Rs. 1.6L is Rs. 16000/- (ie 80000@20%)
On the Balance 520000/- the Tax is 108000/-
Rebate on agricultural Income is Rs. 108000/- (Tax on 520000+160000)
Hence the tax liability will be Rs. 16000/- (124000-108000)
In case the Non Agricultural Income is subject to special rate of tax, the Aggregation of Agricultural Income will not have an effect.
19 January 2011
Thank You B.S. Sridhar Sir
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