Question
Mr. A (age 45) has income from business ₹8,00,000 and
capital gains (LTCG) ₹1,50,000. What is his tax liability? (Assume no deductions)Solution
Total Income = ₹9,50,000. Tax: Up to ₹2.5L - Nil; ₹2.5-5L @5% = ₹12,500; ₹5-9.5L @20% = ₹90,000. Total = ₹1,02,500. Less: Rebate u/s 87A not available as income > ₹7L. Add cess 4% = ₹4,100. Total ≈ ₹1,06,600. LTCG taxed separately @10% above ₹1L = ₹5,000. Total = ₹1,11,600. Simplified calculation gives approximate b).
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