Tax amount on longterm wealth gain?
What is the amount of tax on long permanent status gain of Rs 16,82000/- for the asstt. year 2008-2009. I am a lady of 60 years aged and no other income except the long term gain as mentioned above.KIndly consent to me know the exact amount of tax that ihave to deposit.
Answers: Tax Calcu. for FEMALE -Tax free Amt. Rs.145000
16,82,000 = Total income from LTCG
01,45,000 = Less excise free income for Female
--------------
15,37,000 Net taxable LTCG (a)20(a) slab rate.
========
000,000 = Tax (a)10% between 1.1 to 1.5 lakhs on000,000
000,000 = Tax (a)20% between 1.5 to 2.5 Lakhs on000,000
000,000 = Tax (a)30% on > 2.5 lakhs on Rs.000,000
-------------
000,000 = Gross Tax (As per slabe rates) on 000,000
307,400 = ADD: L.T.C.G Tax on Property (a)20% on 15,37,000
030,740 = ** Surcharge (a)10% on tax as the income exceeded 10 lakhs.
-------------
338,140= Total import tax
010,144 = ADD: Education cess (a) 3% on tax.(370040)
-------------
348,284 = Net Total Tax Payable.
=======
** What is 10% surcharge ??
" There is no rework in surcharge, i.e., 10%, on total toll calculated if total income exceeds Rs 10 lakh. " These words are from the below web site. 10% sucrharge applies to adjectives individuals whos income exceeds 10 lakhs in a year.
http://www.capitalmarket.com/CMEdit/stor...
http://www.iciciprulife.com/public/Other...
If u enjoy earned this long possession capital gain on any Capital Asset which is not subjected to STT after u will have to salary tax (a) 20%. If it is subjected to STT next no tax will be charged on that(Generally STT is charged on Equity Shares).
I m assuming that ur asset is not subjected to STT, so ur import tax liability will be as follows:-
Long Term Capital Gain 16,82,000
Gross Taxable Income 16,82,000
Tax Liability:
On first Rs. 1,45,000 NIL
On balance Rs. 15,37,000(a)20% 3,07,400
Gross Tax Liability 3,07,400
Add: Education Cess(a)3% 9,222
NET TAX LIABILITY 3,16,622
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Answers: Tax Calcu. for FEMALE -Tax free Amt. Rs.145000
16,82,000 = Total income from LTCG
01,45,000 = Less excise free income for Female
--------------
15,37,000 Net taxable LTCG (a)20(a) slab rate.
========
000,000 = Tax (a)10% between 1.1 to 1.5 lakhs on000,000
000,000 = Tax (a)20% between 1.5 to 2.5 Lakhs on000,000
000,000 = Tax (a)30% on > 2.5 lakhs on Rs.000,000
-------------
000,000 = Gross Tax (As per slabe rates) on 000,000
307,400 = ADD: L.T.C.G Tax on Property (a)20% on 15,37,000
030,740 = ** Surcharge (a)10% on tax as the income exceeded 10 lakhs.
-------------
338,140= Total import tax
010,144 = ADD: Education cess (a) 3% on tax.(370040)
-------------
348,284 = Net Total Tax Payable.
=======
** What is 10% surcharge ??
" There is no rework in surcharge, i.e., 10%, on total toll calculated if total income exceeds Rs 10 lakh. " These words are from the below web site. 10% sucrharge applies to adjectives individuals whos income exceeds 10 lakhs in a year.
http://www.capitalmarket.com/CMEdit/stor...
http://www.iciciprulife.com/public/Other...
If u enjoy earned this long possession capital gain on any Capital Asset which is not subjected to STT after u will have to salary tax (a) 20%. If it is subjected to STT next no tax will be charged on that(Generally STT is charged on Equity Shares).
I m assuming that ur asset is not subjected to STT, so ur import tax liability will be as follows:-
Long Term Capital Gain 16,82,000
Gross Taxable Income 16,82,000
Tax Liability:
On first Rs. 1,45,000 NIL
On balance Rs. 15,37,000(a)20% 3,07,400
Gross Tax Liability 3,07,400
Add: Education Cess(a)3% 9,222
NET TAX LIABILITY 3,16,622