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Liability of tax

19 January 2021

a senior citizen having income as long term capital gain of Rs.1200000/-, and Bank Interest of Rs.60000/- as total income during F.Y. 2020-21, what shall be the tax liability?

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10 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 19 January 2021

No liability as in case of senior citizen if taxable income doesn't exceed 300000 rupees during the year then LTCG is exempted and in your case taxable income is less than basic exemption limit

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Dalip Soni (116 Points)
Replied 19 January 2021

Sir, the total income becomes 12,60,000/- which attracts the tax liability. I meant to say that the tax thus calculated shall be @ 20% or as per the normally calculated? please refresh

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 19 January 2021

Do you have any other sources of income?

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 19 January 2021

Do you have any other sources of income?

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 19 January 2021

Tax liability is 1,92,000 + EC i.e. 20% of Rs. 9,60,000/-

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Krishna Chaudhary (Accountant) (4531 Points)
Replied 19 January 2021

182000+ 4% cess

189280

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Dev Prajapati (215 Points)
Replied 19 January 2021

GTI =1260000/-
DEDUCTION UNDER CHAPTER VI-A = 50000
Net Taxable Income = 1210000

Basic Exemption would be Rs.300000
balance income taxed @ 20 % u/s 112
Hence , Effective tax liability = 1,89,280/-

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