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.