Hi Friends
Pls calculate the income tax on below mentioned income for AY 10-11.
1) short term capital gain made out frm house property515000/-
2) income from salary 322000/-
3) income fro other sources 32520/-
18 Replies
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 16 June 2011
gross total income excluding short term capital gains=322000+32520
=354520
total income = 354520
income tax on total income=3452+104(EC & SHEC @ 3%)
income tax on short term capital gains=515000*15/100
income tax= 77250+2318(EC & SHEC @ 3%)
total tax=83214
chetan
(accountant)
(321 Points)
Replied 16 June 2011
Hi mohammad
Can i get deduction under chapter VI-A for short term capital gain.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 17 June 2011
| Originally posted by : chetan | ||
 |
Hi Friends Pls calculate the income tax on below mentioned income for AY 10-11. 1) short term capital gain made out frm house property Rs 515000/- 2) income from salary Rs 322000/- 3) income fro other sources 32520/- |
 |
all such income will be normal income and no special rates are applicable, chapter VIA deduction is abailable from total income.
M. N. JHA
(CA)
(8316 Points)
Replied 17 June 2011
| Originally posted by : Mohammad Asif | ||
|
gross total income excluding short term capital gains=322000+32520 =354520 total income = 354520 income tax on total income=3452+104(EC & SHEC @ 3%) income tax on short term capital gains=515000*15/100 income tax= 77250+2318(EC & SHEC @ 3%) total tax=83214 |
|
STCG on House property not covered u/s 111A so it will taxed at slab rate . . . . . . . . .
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 17 June 2011
| Originally posted by : chetan | ||
|
|
Hi mohammad Can i get deduction under chapter VI-A for short term capital gain. |
|
YES
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 17 June 2011
| Originally posted by : U S Sharma | ||
|
|
Originally posted by : chetan Hi Friends Pls calculate the income tax on below mentioned income for AY 10-11. 1) short term capital gain made out frm house property Rs 515000/- 2) income from salary Rs 322000/- 3) income fro other sources 32520/- all such income will be normal income and no special rates are applicable, chapter VIA deduction is abailable from total income. |
|
YES AGREED
Anshu Garg
(working)
(139 Points)
Replied 17 June 2011
I AM CONFUSED
PLS SOLVE MY CONFUSION
ACC. TO ME IF ON STCG FLAT RATE IS NOT APPLICABLE THEN TAX WILL BE CALCULATED AS FOLLOWS-:
TOTAL INCOME-515000+322000+32520=869520
THEN TILL 1,60,000-EXEMPT
1,60,000-5,00,000=34000(10%)
5,00,000-800000=60000(20%)
ON 69520= 20856(30%) + 3445.68(CESS ON TOTAL TAX)
SO TOTAL TAX IS 118301.68
PLS TELL ME ON STCG TAX WILL BE CALCULATED AT FLAT RATE OR SLAB RATE
THANKS IN ADVANCE
Sagar Devani
(Corporate and International Taxation)
(1174 Points)
Replied 17 June 2011
STCG Tax will be calculated on a flat rate
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 17 June 2011
| Originally posted by : Anshu Garg | ||
|
|
I AM CONFUSED ---------------------------------------------------------------------------------- calculation method is correct
|
|
Sandeep Surana
(Practicing Chartered Accountant)
(156 Points)
Replied 17 June 2011
Sorry Mr. Mohammad's but i think your calculation is wrong because Short Term Capital Gain (Except STCG U/s 111A on Shares) is always be taxable as Normal Income therefor Income Taxable as below :
TOTAL INCOME = 869520 ( 515000+322000+32520 )
TAXABILITY (FOR AY 2010-11)
UP TO 1,60,000 = NIL
1,60,000-3,00,000 = 14000(10%)
3,00,000-500000 = 40000(20%)
ABOVE 500000 = 110856(30%)
TAX = 164856
EC & SHEC ON TAX = 4946 (3% on 164856)
TOTAL TAX = 169802/-
NOTE : 1. Deduction U/s 80C to 80U cannot excced the Gross Total Income (after excluding STCG U/s 111A and LTCG) , so Deduction not allowed from STCG on Shares(111A) but allowed from any other STCG.
2. Tax Rate on STCG on Shares U/s 111A = 15% (Sometime 10%)
and Tax Rate on Other any STCG = SLAB Rate
(All user plz read question carefully as raise by Mr. Chetan, Mr Chetan says Taxaility for AY 2010-11 so Slab Rate applicable for AY 2010-11)
Anshu Garg
(working)
(139 Points)
Replied 18 June 2011
Thanx. sandeep
i did nt read q. carefully and calculated tax for a.y. 2011-12 instead of 2010-11
parag_0302
(Asstt. Commercial Officer)
(124 Points)
Replied 18 June 2011
gross total income excluding short term capital gains = 322000+32520
= 354520
total income = 354520
income tax on total income = 3452+104(EC & SHEC @ 3%)
income tax on short term capital gains = 515000*15/100
income tax = 77250+2318(EC & SHEC @ 3%)
total tax=83214
CA bhargava
(CA)
(2017 Points)
Replied 18 June 2011
In the given Case., the Short term capital gain of is added to Gross total Income ., rather than to special rate., because the spl. rate of 15% is for the short term capital gain on transfer of shares in recognised stock exchange....hence the rate doesnt apply here ...and Mr. Sandeepcalculation is correct
Recent Topics
- Interest free loans from directors in private limi
- Section 194T
- Paying GST on Residential House Construction
- Gst credit ledger input
- Income Tax Filing after Portal Deadline
- LTCG u/s 54 -Time Period Related
- Clarification -GST registration
- TDS on commercial bus insurance payment
- Do we need Environmental Clearance certificate for
- GST Rate confussion
Related Threads
CAclubindia
