Surcharge above 50 lac
This query is : Resolved
20 May 2024
Dear Experts,
For the purpose of calculating surcharge @ 10% on Income exceeding 50 lacs, how long term capital gain on listed shares eligible for 100000 exemption is to be considered?
Foe Example Total income from all the other sources is 48.50 lacs and Long Term Capital Gain on Equity is Rs. 2 lacs( without considering exemption of Rs. 1 lac). Here, total income becomes 50.50 lacs although Tax is to be paid on 49.50 lacs. Is surcharge applicable subject to marginal relief?
Please advise.
Thanks and regards
For the purpose of calculating surcharge @ 10% on Income exceeding 50 lacs, how long term capital gain on listed shares eligible for 100000 exemption is to be considered?
Foe Example Total income from all the other sources is 48.50 lacs and Long Term Capital Gain on Equity is Rs. 2 lacs( without considering exemption of Rs. 1 lac). Here, total income becomes 50.50 lacs although Tax is to be paid on 49.50 lacs. Is surcharge applicable subject to marginal relief?
Please advise.
Thanks and regards
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