80 GG- Comprehensive Problem
Mr. Raman furnishes
the following information for the P.Y.2024-25.Compute his taxable income under
Old Regime and New Regime.
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Professional
Gain Rent
Received Municipal
taxes Long term
capital gain on sale of a plot Part time
salary as a lecturer Rent paid
at Kanpur Interest
on government securities |
5,00,000 18,000 p.a. 1,500 p.a. 10,000 1,64,000 6,000 p.m. 29,000 |
He Deposited Rs.15,000 in PPT
account.
Solution
Calculation of Taxable
Income under Old Tax Regime
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1.Income From Salary Part time
Salary Less:
Standard Deduction u/s16 |
1,64,000 50,000 |
1,14,000 |
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2.Income from House Property Gross
Annual Value Less:
Municipal Tax |
18,000 1,500 |
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Net
Annual Value Less: Standard
Deduction (30% of NAV) |
16,500 4,950 |
11,550 |
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3.Income From Profession |
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5,00,000 |
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4.Capital Gain – Long Term Capital Gain |
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10,000 |
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5.Income from Other Sources |
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29,000 |
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Gross Total Income Less: Deduction u/s 80 C to 80 U- 80 C- PPT account 80 GG i)Rs.5,000 ii) Rent Paid-10% of Adjusted GTI AGTI=
6,39,550 72,000-63,955= 8,045 iii) 25% of Adjusted GTI(6,39,550 X25%= 1,59,888 |
15,000 8,045 |
6,64,550 23,045 |
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Net Income / Taxable Income |
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6,41,505 |
Calculation of Taxable
Income under New Tax Regime
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1.Income From Salary Part time
Salary Less:
Standard Deduction u/s16 |
1,64,000 75,000 |
89,000 |
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2.Income from House Property Gross
Annual Value Less:
Municipal Tax |
18,000 1,500 |
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Net
Annual Value Less: Standard
Deduction (30% of NAV) |
16,500 4,950 |
11,550 |
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3.Income From Profession |
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5,00,000 |
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4.Capital Gain – Long Term Capital Gain |
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10,000 |
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5.Income from Other Sources |
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29,000 |
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Gross Total Income Less: Deduction u/s 80 C to 80 U- |
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6,39,550 NIL |
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Net Income / Taxable Income |
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6,39,550 |
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