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Calculation of marginal relief in case of special and normal income are included

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Rohit tulshyan asked over 1 year ago

Sir Mr X income under head

Business profession

RS .50 lacs

House property

RS. 40 lacs

Long term capital gain on building.

RS.10 lacs

And Short term capital. Gain on share 

STT leived .

RS .50 thousand

Hence total income

RS. 1crore and 50 thousand ...then in this case how I calculate marginal relief. In this case....

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10153151 616441875107752 6844265409377433766 n CAKART answered over 1 year ago

As per Finance Act, 2014: – “The amount of income-tax shall be increased by a surcharge at the rate of 10% of such income-tax in case of a non-corporate assesse having a total income exceeding Rs. 1 crore. However, Total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore. “

Please take a look at below blog post link to get know about marginal relief:

Marginal Relief

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