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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Aug 27, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Ashok on Aug 27, 2021Hindi

Money

I am 62 years old. I have following income for F/Y 2020-21

Pension: Rs 8.08 lakhs

FD interest: Rs 2.28 lakhs

MF dividend: Rs 1.33 lakhs

Shares dividend: Rs 31,000

Shares STCG: Rs 2.88 lakhs

Shares LTCG: Rs 0.62 lakhs

Sir, what will be my tax liability? Investment (80C , 80D, 80 CCB) rebate, TDS I will adjust. I want to know whether still some tax is to be paid.

Ans: Currently, your taxable income without deduction comes to Rs 12 lakhs. Shares STCG and LTCG is not added to the income. These are separately taxed.

After deductions, the taxable income would be Rs 10 lakhs (if 80C and 80D is fully claimed. 80CCB comes under 80C).

In this case, you still have to pay tax. Your tax liability would be around Rs 1.1 lakhs.

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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I have following income for FY 2022-23, Interest Rs 15,000 Dividend Rs 22,000 Intraday Rs 103,000 LTCG Rs 200,000 STCG Rs 250,000 Total Income Rs 590,000 I have opted new tax regime. What will be my tax liability? I am eligible for tax rebate under section 87A?

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