Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Ramalingam Kalirajan |6968 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 06, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by shekhar on Apr 08, 2024Hindi

Money

i have earned 192000 ltcg gain in equity and 500000 ltcg gain in mutual fund which is equity based plan. how much income tax i pay after 1 lakh exemption. pl help

Ans: Sure, I can help you calculate your LTCG tax liability. Here's the breakdown:

LTCG Gains:

Equity: Rs. 192,000
Equity Mutual Funds: Rs. 500,000
Total LTCG: Rs. 692,000
Exemption:

Rs. 1,00,000 of LTCG is exempt from tax.
Taxable LTCG:

Rs. 692,000 (Total LTCG) - Rs. 1,00,000 (Exemption) = Rs. 592,000
Tax Rate:

LTCG on equity and equity-based mutual funds exceeding Rs. 1 lakh is taxed at 10% (without indexation benefit).
LTCG Tax Amount:

Rs. 592,000 (Taxable LTCG) * 10% (Tax Rate) = Rs. 59,200
Therefore, you would approximately have to pay Rs. 59,200 as LTCG tax on your capital gains.

Important to Note:

This is an estimate, and your actual tax liability might differ based on your other income and deductions.
It's always recommended to consult a qualified tax advisor for personalized tax advice based on your specific situation.

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.

MoneyReply

You may like to see similar questions and answers below

Mihir Tanna |961 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Question by Harikrishna - Feb 23, 2023Hindi

Money

I have an income around Rs. 7.5 lakh from services abroad.(working in foreign countries). and earned a Short-term capital gain of 5.1 lakh & Longterm capital gain of 2 Lakh. Have home loan , insurance . how much tax i should pay ?

Ans: Salary received for employment exercised outside India will be taxable in India only if person resident of India. Salary income is taxable as per slab rate. Tax on Capital gain will depend on nature of capital asset which is transferred.

10% on LTCG above 1 lakh (On sale of Equity shares/ units of equity oriented fund)
20% on other LTCG

15% on STCG on STT paid transactions
slab rate in case of other STCG

Ramalingam Kalirajan |6968 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 01, 2024

Asked by Anonymous - Apr 11, 2024Hindi

Money

Am a senior citizen and pensioner. For FY 2023-24, i have to, may be, pay LTCG from equity mutual fund sale. 2.76 lacs received as sale proceeds. Statement provided by fund house shows '0' tax with indexation and 1.30 lacs without indexation. Out of the sale proceeds i have reinvested 1.00 lacs in ELSS fund. What will be my tax amount and which I. T. Return form should be used. Thanks n Regards

Ans: Based on the information you've provided, it's likely you won't have any LTCG tax liability for FY 2023-24. Here's why:

Sale proceeds: Rs. 2.76 lakhs
Reinvestment in ELSS: Rs. 1.00 lakh
ELSS (Equity Linked Savings Scheme) investment qualifies for deduction under Section 80C of the Income Tax Act. Up to Rs. 1.5 lakh invested in ELSS can be deducted from your taxable income.

Taxable LTCG (if any): Sale proceeds (Rs. 2.76 lakh) - Reinvestment (Rs. 1.00 lakh) = Rs. 1.76 lakh (assuming no indexation benefit for simplicity).
However, since your ELSS investment is Rs. 1.00 lakh, which is more than the potential taxable LTCG of Rs. 1.76 lakh, your entire LTCG might be exempt under Section 80C.

Tax implication: With full exemption under Section 80C, you likely won't have any LTCG tax to pay for FY 2023-24.

IT Return Form:

Considering the potential for minimal or no taxable income, ITR Form 1 (Sahaj) might be suitable for you. However, it's always best to consult a tax professional for confirmation based on your complete financial picture.

Disclaimer: This is a simplified analysis based on the information provided. Consulting a registered tax advisor is recommended for personalized advice considering your specific tax situation and any other income sources you might have.

T S Khurana |171 Answers |Ask -Follow

Tax Expert - Answered on Aug 10, 2024

Asked by Anonymous - Jul 31, 2024Hindi

Money

For Rs.50 lakhs long term capital gain in equity, how much income tax to be paid? 12.5% or 30%? I am a retired person with no other income?

Ans: As per Budget Proposals-2024, for the F/Y 2024.25, you may opt any of the following Options :
(a). Tax Rate 20% with Indexation or,
(b). Tax rate 12.50% without Indexation.
You may calculate the tax accordingly & go for the minimum tax option.
Most welcome for any further clarifications. Thanks.

Latest Questions

T S Khurana |171 Answers |Ask -Follow

Tax Expert - Answered on Nov 05, 2024

Asked by Anonymous - Nov 02, 2024Hindi

Money

Sir , I am a working man ( 52 age) in Govt. project , salary- 75k /m . I invested in MF / ULIP / Term Insurance / LIC etc Also invested in Stock market too and also investing in Crytocurrency ( CoinDX) . all total my corpus is almost 6000K . Now My question is that I submitted the retorn almost 49000/- as ITR , but didn't gt any refund .. My query is now how can i get refund of my TDS ? Pls suggest your valuable advise so that I will get refund my ITR . Thank you and expecting your good response.

Ans: 01. Have you got intimation u/s 143(1) informing you, whether there is a Demand by the department or it has processed your ITR with Refund ?
The process of Refund will start only after that.
02. You are also requested to check, whether you have filed ITR with all complete details & these details are also supported by Form 26AS/AIS/TIS of the department.
03. If you have not received any intimation (Ref.point 01 above), you are requested to confirm from your site, whether your ITR has been processed or not. You can also request the department for re-issue Intimation u/s 143(1), in case assessment is complete.
Most welcome for any further clarifications. Thanks.

T S Khurana |171 Answers |Ask -Follow

Tax Expert - Answered on Nov 05, 2024

Question by Verky - Oct 23, 2024Hindi

Money

Greetings, Received Income tax Intimation u/s 143(1) with respect to the return of income filed by for the Assessment year 2022-23 regarding demand notice of payment for sec 234b There was no Advance tax paid for the mentioned period FY 2021-22, And the ITR was filed on 31-12-2023. As such for calculation of 234B, the number of months from Apr 1st 2022 was calculated as 21 and the amount to be paid on the Assessed tax 103600 was calculated as (103600*1%)*21 which was filed as 21,756 But the demand notice mentions the amount as 32,116 (which seems to be calculated as 31 months) Was my calculation of 234B considering 21 months (01-04-2022 -> 31-12-2023) correct, in which case should I ask for a rectification for reprocessing ? Pls Advice. Thanks Verky

Ans: 01. Please note that in your case, provisions of Advance Tax are also applicable. Under these provisions, you have to pay tax quarterly during the financial year. It seems you have ignored those provisions. The demand raised seems to relate with advance tax payable.
Most welcome for any further clarifications. Thanks.

Samraat Jadhav |2087 Answers |Ask -Follow

Stock Market Expert - Answered on Nov 05, 2024

Asked by Anonymous - Nov 05, 2024Hindi

Money

Aquisition cost of NMDC Steel post demerger

Ans: As per cost apportionment letter of NMDC to the exchanges, the cost of NMDC Steel should be considered as 57.29% of the price of NMDC shares acquired before demerger while NMDC shares acquisition cost may be considered as 42.71% of the price of NMDC shares acquired before demerger

Prof Suvasish Mukhopadhyay |1 Answer |Ask -Follow

Career Counsellor - Answered on Nov 05, 2024

Asked by Anonymous - Oct 12, 2024Hindi

Career

My son wants to do a program in undergrad in USA combining computer science and designing . What kind of majors he can choose, what are good universities for these programs .

Ans: I suggest you not to send him for under-graduate programme to USA. Let him be admitted to some reputed college/university of India for Computer/Electronics/Electrical Engg and let him go for f post-graduation ( i.e. MS from USA which is called graduation in USA). For Computer Engg one of the very good Universities is Georgia Tech, apart from that Texas A & M is there. Stanford and MIT are exceptionally good but for that his academic track record and GRE score have to be excellent.

Jinal Mehta |94 Answers |Ask -Follow

Financial Planner - Answered on Nov 05, 2024

Asked by Anonymous - Nov 04, 2024Hindi

Money

I am 50 years old. Having a housing loan with 16500 emi for another 13 years. Also I am having a cc loan for which I am paying 5000 p.m. interest. I have a son studing in 11 th science. My monthly household expenses are 12500. My income is 35000 p.m. Please guide me so that I can retire at age 60 with atleast some Pride.

Ans: Hi..please pay off your loans as soon as possible. Especially credit card loan. Your debt service to income ratio should never exceed 35% of your income. In your case it is 61.43% which is extremely high. You may consider refinancing your loan or arrange for any additional income source.

Dr Chandrakant Lahariya |125 Answers |Ask -Follow

Diabetologist, Consultant Physician, Vaccine Expert - Answered on Nov 05, 2024

Question by P - Oct 24, 2024Hindi

Health

Dr saab my creatinine 1.29 to 1.65 and i m heart patient I m 67yrs old.bp and sugar is normal

Ans: This indicate that kidney functions are affected.
Please get a consultation with a physician. You might require additional medications.

Dr Chandrakant Lahariya

Dr Chandrakant Lahariya |125 Answers |Ask -Follow

Diabetologist, Consultant Physician, Vaccine Expert - Answered on Nov 05, 2024

Question by Ajay - Oct 23, 2024Hindi

Health

I am 67 yrs male creatine level remains 1.30 clestrol 250 BP 80-120 weight 67.

Ans: Largely within normal range.
Need to explore the reasons for increased creatinine. if you can share more details about your health parameters, may be I can provide more information.

Best wishes,
Dr Chandrakant Lahariya

Dr Chandrakant Lahariya |125 Answers |Ask -Follow

Diabetologist, Consultant Physician, Vaccine Expert - Answered on Nov 05, 2024

Asked by Anonymous - Oct 23, 2024Hindi

Health

Good evening Doctor my mother is 65 years old and her creatinine level is 6.8 now. We diagnosed the issue in 2016 when her creatinine was 3. Kindly advise what steps she needs to take in order to reduce her creatinine levels. She doesn’t have BP and Sugar

Ans: These are very high values.
Please consult a nephrologist for immediate work up.

Best wishes,
Dr Chandrakant Lahariya

Dr Chandrakant Lahariya |125 Answers |Ask -Follow

Diabetologist, Consultant Physician, Vaccine Expert - Answered on Nov 05, 2024

Question by sarvesh - Oct 21, 2024Hindi

Health

IA M TAKING FLIMSTER M1 AND FORXIGA FOR TYPE 2 DIABATES MY HBIAC IS 8.1 WITH STARTING KIDNEY PROBLEM IS IT OK

Ans: HB1c is still high.
If you are younger than 70 years, your HbA1c should be less than 7%.
Please consult a physician who would advise on increasing the medicines and taking care of other health issues.

Dr Chandrakant Lahariya

Dr Chandrakant Lahariya |125 Answers |Ask -Follow

Diabetologist, Consultant Physician, Vaccine Expert - Answered on Nov 05, 2024

Asked by Anonymous - Oct 20, 2024Hindi

Health

What if my cretanine is 1.39 I m 81 years old And have gone through operation of gall bladder

Ans: At your age, 1.39 eGFR would be around 51 which essentially mean CKD stage 3a.
Please consult a physician for a detailed work up and advice..

Dr Chandrakant Lahariya

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x