Hello,
Mrs. X (Aged 64) has income as follows...
Interest Income - 352342/-
Long Term Capital Gain - 4,47,989/- (From sale of inherited residentail house property )
Investment in 80C - Rs. 1,50,000/-
as per my LTCG Tax payable is subject to basic exemption limit.
up to 5 lk income would be taxed @ 10%.
Incremental income of Rs. 150,331 will be taxed @ 20%
so total tax = 20,000 + 30,066 = 50,066 + Cess @ 3% (Rs. 1501)
Total Tax. = 51567/-
please advise if the understanding is correct.