Q.Mr A had Income from Salary of ₹3,00,000. Income from House property rentals comes out to be ₹1,50,000. Income from Capital gains is ₹3,00,000. Income from other sources is ₹50,000. Deduction made under section 80C: PF – ₹40,000; PPF – ₹40,000; Fixed deposits – ₹30,000; LIC – ₹40,000. Calculate the Income Tax liability of Mr. A.
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Start your 14-day free trial to unlock the full solution →Aggregate Mr A's income across four heads (after standard deduction on salary), cap the 80C deduction, apply slab rates and cess — no rebate applies since taxable income exceeds ₹5,00,000.
Gross Total Income (Salary Standard Deduction) House Property Capital Gains Other Sources. Taxable Income Gross Total Income 80C deductions (capped at ₹1,50,000). Old-regime slabs (FY 2019-20): Nil to ₹2,50,000; 5% on next ₹2,50,000; 20% on next ₹5,00,000; 30% above ₹10,00,000. Cess of tax. Section 87A rebate applies only if taxable income .
Given: Salary ; House Property ; Capital Gains ; Other Sources ; 80C: PF ₹40,000 + PPF ₹40,000 + FD ₹30,000 + LIC ₹40,000.
- Standard Deduction on Salary:
- Gross Total Income:
- 80C deductions: — exactly at the cap, so fully allowed.
- Taxable Income: …
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