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Mr. Jitesh furnishes the following information for the year ended 31-03-2020ParticularsIncome From Business1,35,000Income From House Property(15,000)Lottery Winning (Gross)5,00,000Income by way of Salary (Computed)60,000Long term capital Gain u/s 11270,000Compute his total income and tax liability. |
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Answer» Computation of total income of Balamurugan for the year ended 31.03.2020
Computation of tax liability
Notes: The basic exemption limit of Rs.2,50,000 has to be first exhausted against salary income of 45,000 and business income of Rs. 1,35,000. The unexhausted basic exemption limit of 70,000 can be adjusted against long-term capital gains of Rs. 70,000 as per section 112, but not against lottery winnings which are taxable at a flat rate of 30% under section 115BB. |
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