Sumit is the owner of a property on which there is an annual charge of Rs.48,000 payable to his brother permanently residing in New York. He remits the money to his brother in full and claims as a deduction in computing the income from property.
Answers
Answer:
Explanation:
Computation of Tax liability
Tax liability = Rs.1,12,500 + 30% of Rs.2,00,000 = Rs.1,72,500 plus education cess @2% and
secondary & higher education cess @1% = Rs.1,77,675
Alternatively:
Tax liability :
First Rs.2,50,000 - Nil
Next Rs.2,50,000 – Rs.5,00,000 - @ 5% of Rs.2,50,000 = Rs.12,500
Next Rs.5,00,000 – Rs.10,00,000 - @ 20% of Rs.5,00,000 =
Rs.1,00,000 Balance i.e. Rs.12,00,000 – Rs.10,00,000 - @ 30% of
Rs.2,00,000 = Rs.60,000
Rs.1,72,500
Add: Education cess @2% and Secondary & Higher Education cess @1%= Rs.5,175
= Rs.1,77,675
It is to be noted that for a senior citizen (being a resident individual who is of the age of 60 years
but not more than 80 years at any time during the previous year), the basic exemption limit is
Rs.3,00,000. Further, resident individuals of the age of 80 years or more at any time during the
previous year, being very senior citizens, would be eligible for a higher basic exemption limit of
Rs.5,00,000.
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