Tax Liability for a retired person

I am retired from a private company. I received my gratuity and providend fund in May 2010. I have invested some money in SCSS and some in FD. Also I sold my residential house and also have booked another one and paid most of the money in that. Can you give me a general idea about my tax liabilities for the year 2010-2011 (AY 2011-2012)?

Regards, Aryan

asked Feb 28 '11 at 05:57 by Aryan PM 1111

Your gratuity (max 10 lakhs) and provident fund amount will be non-taxable.

In case you sold your residential house after keeping it with you for at-least 3 years and bought a new one with price more than capital gains from older one, there is no income tax payable under section 54.

Interest amount on SCSS (Senior citizen savings scheme) and Fixed deposits (FD) have to be added to your income and has to be taxed as per your slab rates.

answered Feb 28 '11 at 13:26 by Pankaj Batra 5.2k320


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Asked: Feb 28 '11 at 05:57

Seen: 2,710 times

Last updated: Feb 28 '11 at 13:26