Hi Team,
I have a doubt regarding income tax surcharge (10% for income > 50 Lac ); which as per my knowledge is considered if Net Taxable Income (after all deductions) exceeds 50 Lac. My question is do we consider 1 Lac LTCG relief also in the net taxable income or not? For example:
Salary income after all the deductions = 49,99,999 INR and LTCG is 10,000 INR.
Does this person has to pay Surcharge or not (as LTCG – 1 Lac relief is <= 0) ?
AFAIK, it is included in Total Income(Even if it is less than 1 lakh). So yes it would be included in the calculation of surcharge. You can verify it in the ITR tool.