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Do I have to pay 10% surcharge if my income is 40 Lakhs but exceeds 50 Lakhs with LTCG?

Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Aug 28, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Asked by Anonymous - Aug 19, 2024Hindi

Money

Is 10% additional surcharge applicable if your taxable income is 40 Lakh (after deductions) but exceeds 50 lakh if you add LTCG to it?

Ans: Yes, you will need to see it considering all your income sources. Accordingly, if after considering all income less deductions (ie net taxable income) is greater than 50 lacs then surcharge will be applicable @ 10%.

Please consult your CA before moving ahead.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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