What could be Tax Value if profit of MF is appx 2 lacs ?? is tax deducted on 2 lacs profit Or deducting tax free limit of 1.25 Lacs i.e on balance 75000 profit ?

Ans: From FY 2021-22, if employee’s contribution to an EPF account is more than Rs 2.5 lakh in a year; interest on contribution above 2.5 lakh is taxable in the hands of the employee.

If person receive superannuation on retirement, 1/3rd of the commuted amount and amount transferred to an annuity will also not be taxable. If any the amount is withdrawn, it is taxable in the hands of the employee.

Ans: Based on your scenario, here's how your capital gains tax will be calculated:

Capital Gains from Equity Mutual Funds:

You mentioned Rs. 6.25 lakh as capital gains from equity mutual funds.
Long-term capital gains (held for over 1 year) on equity mutual funds exceeding Rs. 1 lakh are taxed at 10% without indexation benefit.
Tax Calculation:

Taxable capital gains = Rs. 6.25 lakh (total capital gains) - Rs. 1 lakh (exempt limit) = Rs. 5.25 lakh
Capital Gains Tax:

You'll need to pay tax on Rs. 5.25 lakh at 10% = Rs. 52,500
Overall Tax Liability:

Here's how to determine your overall tax liability for FY 23-24:

Combine your Income Sources: Add your salary income, interest income from FDs, RDs, and savings account to the Rs. 52,500 capital gains tax.
Deductions and Exemptions: You can then factor in any deductions and exemptions you're eligible for under the Old or New tax regime (whichever offers a lower tax liability).
Net Tax Liability: After applying relevant deductions and exemptions, calculate your final taxable income. If the final taxable income falls below the minimum taxable limit, your net tax liability becomes zero.
Key Points:

Capital gains tax is calculated separately from your salary and interest income.
You can choose the tax regime (Old or New) that minimizes your overall tax liability. Explore both options using a tax calculator or consult a tax advisor for a more accurate assessment.
Remember, this is a general overview. Tax rules and exemptions can be subject to change. For a definitive assessment of your tax situation, consider consulting a qualified tax advisor who can consider all your income sources, deductions, and exemptions applicable to your specific circumstances.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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.