Is LTCG and STCG part of surcharge calculation?

Taxation
1

Hi @Quicko and others,

Say someone has 45 Lakhs of salary in a year, and 10 Lakhs of Long-term capital gains, so total crosses 50L. Will the 10% surcharge be applicable in this case?

thanks

2

Hi @Quicko and @Jason_Castelino

Will love to get your inputs on this please

thanks in advance.

3

Applicability of surcharge is on the basis of total income. The head of income on how you arrive at this income is not relevant.

In your case, since your total income exceeds 50L, surcharge is applicable.

4

Thanks @Jason_Castelino

In this case it was quite idiotic of me to book some LTCG gains which could have waited :frowning:

1 Like
5

If you had quantity equivalent to lot size in futures, it’s wise to sell it in futures.

This is something that I keep doing. I never sell in cash market. If the price goes up, I will even have loss in Fno. Yes, it can go the other way also.

2 Likes
6

I think exemption of 1.25L would apply.

7

Hi @dcd,

When calculating surcharge, the threshold of ₹50 lakh is based on your total taxable income, which includes both salary income and LTCG.

Since your total income exceeds ₹50 lakh, a 10% surcharge will be applicable on the tax payable.

Hope this helps!