how much bussiness limit can i make? i have 2laks property and 8lacks stock i am from india?

Answer 1

Need more info. What are Laks and Lacks?

Answer 2

One lakh is 100,000 Rupees and is worth about £1200 or $2200. Please tell what is the nature of the property (land, building, vehicles, materials?) and the nature of the stocks (shares, bonds, debentures, saving certificates?) Your business limit and liability in India will be different depending on the type of holdings that you have.

In 2006-07, no personal tax is payable for income under 1 lakh per year for a man - higher limit for women or older people. Also, 30 per cent of rental income from property is exempt from tax. You can offset medical expenses against tax up to Rs15,000 , professional taxes or charges made by many States, and the costs of conveyancing property up to Rs9,600 per year. There is a long list of deductions which can be subtracted from income before tax is calculated. Total personal income, net of all allowances, is taxable at 10% up to 1.5 lakh, 20% up to 2.5 lakh and so on. Capital gains tax is payable at 20% on certain assets sold after being held for 3 years, and one year for other assets.

Answer 3

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