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Tax Question: 13 Lakh Income, 15% Only on First 1 Lakh?

T S Khurana |319 Answers |Ask -Follow

Tax Expert - Answered on Feb 04, 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

Question by Suresh on Feb 01, 2025Hindi

Money

Suppose my taxable income is 1300000, what will be my tax. Will 15% be only on 100000 under new tax regime

Ans: Your tax liability under new tax regime, would be as under :
Total Rs.75,000.00 (0-4 lakhs Nil, 4-8 lakhs Rs.0.20 lakhs (@5%), 8-12 lakhs Rs.0.40 lakhs (@10%), 12-13 lakhs Rs.0.15 lakhs (@15%).
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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Do you have EPS scheme certificates from your employers?

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Sir , Recently I have sold one house registered in my name. I have got 1 cr from the transaction. Now i have got one running home loan of around 70 lakhs. Suppose if i repay the existing home loan from the amount obtained , whether i can save capital gain tax. or if i purchase one plot using some part of the amount (for eg: 30 lakhs) , how much capital gain tax i have to pay. The house which i have sild purchased for 7.5 lakhs in 2003. Kindly enlighten me regarding this

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You may talk to the senior officials at the EPFO office in Hyderabad where PF account was held.

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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.

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