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....
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:
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