BHARATH KOTHARI (Self Employed) (213 Points)
13 September 2009|
hi wanted to know tax calculation of x perrson salary 3,00,000 LTCG 60,00,000 by selling shares which are recd as gift and shares are not of an listed co. Interest 30000 Invested In 80.C 100000 & Charitable Institiion 270000 eligiable in Sec 80G at 50% plseas guide me in this respect Thanks in advance |
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Ashish M
(Chartered Accountant)
(2731 Points)
Replied 13 September 2009
COMPUTATION OF INCOME TAX OF 'X' BEING 'RESIDENT INDIVIDUA' FOR A.Y. 09-10.
INCOME U/H 'SALARY' : 3,00,000
INCOME U/H 'CAP. GAINS' : 60,00,000
INCOME FROM OTHER SOURCES;
INTEREST INCOME : 30,000
GROSS TOTAL INCOME : 63,30,000
LESS: DEDUCTIONS U/S 80C TO 80U.
U/S 80C : 100000
U/S80G : 11,500***
1,11,500 : 1,11,500
TOTAL INCOME : 62,18,500
TAX ON TOTAL INCOME:
OTHER INCOMES : 2,18,500 : 1,50,000 = NIL.
68,500 = 6,850
LTCG: 60,00,000 x 20% : 12,00,000
TAX ON TOTAL INCOME : 12,06,850
ADD: SURCHARGE (10%) : 1,20,685
13,27,535
ADD: EDU + SHEC : 39,826
TOTAL TAX PAYABLE. : 1367361
*** Deduction u/s 80G
Adjusted gross total income:
gross total income ; 63,30,000
less: cap gains ; (6000000)
less: 80C ; (100000)
Adjusted gross
total income : 2,30,000
deduction u/s 80G is upto 10% of Adj. gross total income.which is Rs.230000 i.e. 23,000
the qualifying limit is 50% therefore deduction is equal to Rs.11500/-
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