Income from sale of shares
This query is : Resolved
16 December 2021
Mr Arjun is getting annual pension of Rs.4,00,000. In addition to this he has long term capital gains from sale of shares Rs.50,000. Kindly clarify his Income Tax liability.
16 December 2021
Considering the rebate u/s. 87a of IT act, net tax liability will be NIL.
16 December 2021
IT on salary 3,50,000 after 16(ia) deduction Rs. 5000/-
Tax @ 20% on capital gains Rs.50,000 Rs. 10,000/-
Total tax Rs. 15,000/-
Less: rebate U/s 87A Rs. 12,500/-
Balance Rs. 2,500/-
Add:- H.E. cess @ 4% Rs. 100/-
Tax payable Rs.2,600/-
Tax @ 20% on capital gains Rs.50,000 Rs. 10,000/-
Total tax Rs. 15,000/-
Less: rebate U/s 87A Rs. 12,500/-
Balance Rs. 2,500/-
Add:- H.E. cess @ 4% Rs. 100/-
Tax payable Rs.2,600/-
Message likes :
1 times
16 December 2021
1. Yes Sir, agree with your detailed calculation for the assessee below sixty years of age.
2. The question seems from any text book (viva or 2 mark), where the age of the assessee is also required to be presumed based on receiving "Annual Pension" .........
3. Whether LTCG will be taxable or exempt (u/s. 112A) is more doubtful........
2. The question seems from any text book (viva or 2 mark), where the age of the assessee is also required to be presumed based on receiving "Annual Pension" .........
3. Whether LTCG will be taxable or exempt (u/s. 112A) is more doubtful........
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
