How much tax should i pay?

RAJARSHI BAG (Querist) 23 October 2016 This query is : Resolved
I am a salaried person with annual salary of approx. Rs.5,00,000/-. I do tax savings of Rs.1,50,000/- under section 80C. Hence I have to pay at least Rs.10300/- as income tax for the financial year 2016-17. Now in addition with all this, I have sold some gold ornaments worth Rs.7,00,000/- on 18th October 2016. My in-laws gifted the ornaments to me and my wife on our wedding in March 2013. My wife is a housewife. Now I intend to know what kind of tax should I pay for this and how much?

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Kuummaar AS (Expert) 23 October 2016
RAJARSHI BAG,

YOU HAVE SAID,

" I am a salaried person with annual salary of approx. Rs.5,00,000/-. I do tax savings of Rs.1,50,000/- under section 80C. Hence I have to pay at least Rs.10300/- as income tax for the financial year 2016-17. Now in addition with all this, I have sold some gold ornaments worth Rs.7,00,000/- on 18th October 2016. My in-laws gifted the ornaments to me and my wife on our wedding in March 2013. My wife is a housewife. Now I intend to know what kind of tax should I pay for this and how much? "

1. IF YOUR SALARY FOR THE YEAR 2016-17 IS RS.5,00,000/- AND YOUR SAVINGS UNDER SECTION 80C ARE RS. 1,50,000/- YOUR TAX LIABILITY WILL BE RS.5,150/- AND NOT 10,300/-.

2. WHAT TYPE OF DOCUMENTS DO YOU AND YOUR WIFE HAVE RELATING TO GOLD ORNAMENTS?

Guest (Expert) 24 October 2016
Out of Rs. 7,00,000/- what amount you fetched separately out of sale proceeds of streedhan and gift to you in person?

Rajendra K Goyal (Expert) 24 October 2016
Repeated query:

http://www.lawyersclubindia.com/experts/How-much-tax-should-i-pay--620801.asp

Kuummaar AS (Expert) 24 October 2016
RAJARSHI BAG,

WITHIN HOURS OF RAISING QUERY AT http://www.lawyersclubindia.com/experts/How-much-tax-should-i-pay--620801.asp, YOU RAISED SAME QUERY HERE.

ON THAT THREAD, YOU HAVE MISSED " GIFT" Part.

WHAT ENJOYMENT HAVE YOU GOT IN DOING SO?