I am 62 years old. I have following income for F/Y 2020-21
Pension: Rs 8.08 lakhs
FD interest: Rs 2.28 lakhs
MF dividend: Rs 1.33 lakhs
Shares dividend: Rs 31,000
Shares STCG: Rs 2.88 lakhs
Shares LTCG: Rs 0.62 lakhs
Sir, what will be my tax liability? Investment (80C , 80D, 80 CCB) rebate, TDS I will adjust. I want to know whether still some tax is to be paid.
Ans: Currently, your taxable income without deduction comes to Rs 12 lakhs. Shares STCG and LTCG is not added to the income. These are separately taxed.
After deductions, the taxable income would be Rs 10 lakhs (if 80C and 80D is fully claimed. 80CCB comes under 80C).
In this case, you still have to pay tax. Your tax liability would be around Rs 1.1 lakhs.