LTCG(OTHERS)=180000
STCG(STT PD)=170000
AND
THE ASSESSEE IS A SENIOR CITIZEN. THEN WHAT WILL BE TAX CALCULATION FOR A.y2011-12
CA ADITYA ZANTYE (BCOM CA CS PROFESSIONAL) (325 Points)
24 April 2011LTCG(OTHERS)=180000
STCG(STT PD)=170000
AND
THE ASSESSEE IS A SENIOR CITIZEN. THEN WHAT WILL BE TAX CALCULATION FOR A.y2011-12
Deepak Bhardwaj
(ACS, LLB & CA Finalist)
(132 Points)
Replied 24 April 2011
While calculating GTI take all incomes whether LTCG,STCG and other incomes if any. But do care of few things while calculating tax liability.
Charge tax liability on LTCG @ 20% separately
STCG if u/s 111A then charge tax @ 15%, else include it in total income and apply slab.
now you can calculate tax liablity by applying that particular PY slab.
** Dont forget to take the benefit of Shifting while computing your tax liability**
Deepak Bhardwaj
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 25 April 2011
| Originally posted by : aditya | ||
 |
LTCG(OTHERS)=180000 (after index benefit ) 1.8*20% = 36000/- STCG(STT PD)=170000 = 15% flat = 25500 OTHER INCOME=240000 = NIL AND THE ASSESSEE IS A SENIOR CITIZEN. THEN WHAT WILL BE TAX CALCULATION? |
 |
Total Tax liability = 36000+25500 = 61500
mahesh
(Will soon be a CA !)
(168 Points)
Replied 25 April 2011
As ur saying STT pd on STCG , it represents exumpt income. As far as LTCG is concerned.. if the assessee is having no other income , then his basic exumption limit i.e. 240K should be utilised and therefore he will have no tax.( 180K-240K = -6K)
Alok Siddapur
(Consultant)
(229 Points)
Replied 26 April 2011
If the assessee has other income then check whether the same is below maximum exemption limit. If yes, then first deduct LTCG from the remaining amount of exemption limit.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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