Dear Sir,

I am a resident Indian senior citizen. I am retired from the government service and getting pension. I wanted to know my tax liability for the year with following earnings:

-Income from Pension= 96000/- per year
-Income from Short term capital gain (selling shares)-150000/-

i.e. my approx total income is 246000 for the year April 2007- march 2008.

I will be very thankful to you if you let me know how much tax I need to pay.

Thanks a lot
PC

About $68,000 if the pension is subject to U.S. taxes.

About $35,000 if not.

It appears to be India income tax question. I have some idea about India tax, but can't say for sure.
You will declare all the Rs. 246,000 income. For senior citizen, the deductible is $185,000. So taxable income is Rs. 61,000. This is from your short term capital gain (sale of shares), which is taxed at 10%.
Tax payable is Rs. 6,100.

My post bwas for U.S. taxes, so it is good that MukatA addresses the Indian side of the house.