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Taxable Income of Rs 14.5 Lakh & Mutual Fund Gains - How Much Tax Do I Pay?

T S Khurana

T S Khurana   |436 Answers  |Ask -

Tax Expert - Answered on Feb 17, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Vilas Question by Vilas on Feb 16, 2025Hindi
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My salary income will be Rs 12 lakh and expect a long term capital gain of Rs 2.5 lakh from mutual funds. What will be my income tax liability?

Ans: Please confirm, which Financial year you are referring ?
Most welcome for any further clarifications. Thanks.
Asked on - Feb 17, 2025 | Answered on Feb 18, 2025
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FY 2025-26
Ans: Your tax liability (under New Tax Regime) shall be as under :
01. Your Salary Income shall be Rs.11,25,000.00 after STD.Deduction of Rs.75,000.00.
02. Your LTCG from Securities shall be Rs.1,25,000.00 after Exemption of Rs.1,25,000.00.
03. Tax on these amounts shall be around Rs.70,000.00.
Most welcome for any further clarifications. Thanks.
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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