Mr. Shyam, submits the following particulars of income for assessment

Mr. Shyam, submits the following particulars of income for assessment year 2019-20: 1. Income from salary (computed) 2,50,000 2. Income from house property (computed) 30,000 3. Long term capital gain 40,000 4. Short term capital loss (15,000) 5. Interest on securities (Gross) 11,000 6. Interest on Bank Deposits 8,000 7. LIP on his own life 2,000 8. PPF 20,000 9. Donation to National children fund 5,000 10. Donations to PM’s Relief Fund 6,000 11. Donation to approved charitable institution 25,000 12. Donation to Government for family planning 15,000 13. Payment by cheque to GIC for incurring: Health of his wife 9,000 Health of dependent son 9,000 Father not dependent who is 67 years old 25,000 14. Expenses on medical treatment of dependent being a disable 25,000 15. Payment of interest on loan taken from charitable institution for the education of his daughter pursuing M. Tech. 30,000 Compute his total income & tax payable for mentioned assessment year.

Answer»

Income from salary		2,50,000
Income from House Property		30,000
Income from capital gain
Long term capital gain	40,000
Short term Capital gain	(15,000)	25,000
Income from other sources
Interest on securities	11,000
Interest on Bank Deposits	8,000	19,000
Gross Taxable Income		3,24,000
Less: Deduction u/s 80C and 90U
80C (2,000 + 20,000)		22,000
80D – Insurance on life	9,000
-Insurance on dependent Son	9,000
	18,000
(Limited to Rs. 15,000)	15,000
Insurance on father life Rs. 25,000
But limited to Rs. 20,000	20,000	35,000
U/s 80DD		50,000
U/s 80E		30,000
U/s 80G
National Relief Fund (100%)		5,000
PM’s Relief Fund (100%)		6,000
Approved charitable fund (Rs. 25,000)
And Family Planning – Total Rs. 40,000
but limited to 10% of Adjusted total Income. i.e.
(GTC--LTCG all deduction except 80G)

(Rs. 3, 24,000 – Rs. 25,000 – 1,37,000 = 1,62,000)
Therefore Rs. 15,000 - 100%	15,000
Balance Rs. 1200 – 50%	600	15,600
		1,63,600
Net Income		1 60,400
Tax on Rs. 1,60,400 shall be		NIL
On Long Term Capital Gain (Rs.25, 000 - Rs. 25,000)		NIL
On other income (Rs. 1,35,400 - Rs. 25,000) shifted from LTCG		NIL
Tax Liability		NIL