from other sources shortterm capital gains and longterm capital gains taxable within the basic exemption limit of 240000 what will be the tax treatment sunder s bhatiayes you can club all such income within the basic exemption tax on the excess amount should be computed as the entire amount of normal income which in your case is income from other sources is setoff against basic exemption if the basic exemption is not fully exhausted then you can setoff longterm capital gains against the remaining amount of basic exemption and if the basic exemption is still not fully exhausted you can setoff shortterm capital gains against the remaining amount of basic exemption the income in excess of 240000 will be taxed either as per the slab rate to the extent it comprises income from other sources or at special rates to the extent it comprises longterm capital gains or shortterm capital gains on sale of shares through a recognised stock exchange in india the longterm capital gains on the sale of such a plot will be taxed 206 you can consider claiming exemption by reinvesting in capital gains taxsaving bonds section 54ec or in a residential house section 54f within the stipulated timesaving taxes on settlement duesi am working for a mnc for the past nine years i may leave the company as i am planning to take a break for the next two years i draw a salary of 20 lakh and the company gives a compensation of three months salary gratuity 42day salary at the time of leaving please let me know how can i save maximum income from this antony kthe government has framed guidelines for voluntary retirement scheme vide rule 2ba of the income tax rules you will have to check if your company meets the guidelines to provide you tax exemption under section 10 10c of the income tax acttax rebate for underconstruction housemy wife and i jointly availed of a housing loan of 285 lakh on march 30 2010 the property is still under construction with possession expected by end of 2011 i am in the 30 tax bracket while my wife falls in the 20 bracket can i take rebate during 201011 on the interest being paid in ratio other than 5050 if so what is the procedure to be followed lm baggafirst of all please note that you can start claiming tax deductions on interest payable and principal amounts repaid in respect of your housing loan only from the year in which you obtain possession therefore if you do not receive possession by march 31 2011 you will not be eligible to claim either of the deductions for fy1011 in case you wish to claim the tax deductions on interest payable and principal repayments made in respect of your housing loan in equal proportion you should bear the emi in equal proportion if money is auto debited from your account by your bank every month your wife should transfer