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    ashishgoels's Avatar
    ashishgoels Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jan 5, 2008, 09:29 AM
    Income tax for senior citizen
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 5, 2008, 10:31 PM
    About $68,000 if the pension is subject to U.S. taxes.

    About $35,000 if not.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Jan 5, 2008, 11:54 PM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 6, 2008, 10:53 AM
    My post bwas for U.S. taxes, so it is good that MukatA addresses the Indian side of the house.
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