[vijayan valiyapurayil]

thank you for the strain you have taken on this particular issue.I tried the calculator with the data given below and the tax liability as per the calculator is also given.
salary after standard deduction :260000
Income from house property
(housing loan interest) :-150000
STCG(111A) :100000
LTCG :200000
income from other sources :50000
Deductions:-
Repayment of housing loan :50000
Mediclaim premium :25000
Net taxable income :385000
STCG at15% :15000
LTCG at 20% :13500
Income tax :28500
cess :1140
Total tax liability :29640

sir, please see that the above IT calculator of IT dept.ignores the basic exemption limit of Rs.250000 as i stated in my earlier posting.How can this be justified?
A rough calculation which I feel correct as per your clarification on the above data is given below.
Total income :460000
Deductions :75000
Net taxable income :385000
basic exemption limit 250000
Income tax on balance 135000 is 13500 plus cess

[vijayan valiyapurayil]

Excuse me sir. The problem with the calculator I think is that when taxable income exceeds 2.5 lakhs, it does not give exemption to this 2.5 lakhs!

[vijayan valiyapurayil]

sir, As you suggested I visited the above site of income tax dept.(https://incometaxindiagov.in/pages/tools/incometaxcalulator-234ABC.aspx) and tried calculation on the incomes which i had given in my first communication.Irrespective of basic limit, STCG and LTCG are taxed at 15% and 10% respectively. kindly clarify

[vijayan valiyapurayil]

Thank you for your reply and valuable suggestions.I had sought 3 pieces of information from government(Ministry of Railways) on the issue through online RTI. When no reply received within one month,I submitted an appeal which was treated as ‘first appeal’in the online RTI. However, immediately i got reply letter by regd.post on the items I sought information.
Item(1) was ‘Can Rlys or any other establishment give lesser benefit than what is given under the payment of gratuity act?
Ministry of Rlys totally ignored this item.
Item(3) was ‘in the 15/30 formula adopted in certain Rlys,30 denotes the days of the month. When days of the months are having different days ie,28/29/30/31,under which rule 30 is adopted for gratuity?
Fortunately, Rlys quoted this item in the reply letter, but without any reply!
When I tried ‘first appeal’ on line, the site says I exhausted my first appeal chance. Then I sent an email to ‘advir@rb.railnet.gov.in’ to extend facility to appeal on line on 21/2/18.But no reply and no action.
Can you please suggest how to proceed further as Rlys is reluctant to give proper and complete reply?

[vijayan valiyapurayil]

thank you, sir for your valuable reply.Online tax calculators of Apnaplan.com and some other sites are giving the opposite picture which prompted me to raise the query.Still a doubt. Pardon me if am taxing your valuable time.
Since, LTCG is taxed at 10% and STCG at 15 %, can the person add his STCG to his pension to arrive at his basic exemption limit so that he needs to pay lesser tax on LTCG.

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