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AAFM GLO_CWM_LVL_1 Exam - Topic 9 Question 108 Discussion

Total income for assessment year 2007-08 of an individual including long-term capital gain of Rs. 60,000 is Rs. 1,40,000. The tax on total income shall be:
B) Rs. 8,160
A) Rs. 8,800
C) Rs. 7,000
D) Rs. 5,000

AAFM GLO_CWM_LVL_1 Exam - Topic 9 Question 108 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 108
Topic #: 9
[All GLO_CWM_LVL_1 Questions]

Total income for assessment year 2007-08 of an individual including long-term capital gain of Rs. 60,000 is Rs. 1,40,000. The tax on total income shall be:

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Suggested Answer: B

by Scarlet at Aug 13, 2025, 09:39 PM

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Hector
8 months ago
Definitely leaning towards option A, looks right!
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Margarita
8 months ago
Wait, are we sure about those calculations? Seems off to me.
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Azzie
9 months ago
I disagree, it should be Rs. 8,160 based on the slabs.
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Winifred
9 months ago
I think the tax should be Rs. 8,800.
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Luis
10 months ago
Total income is Rs. 1,40,000 including Rs. 60,000 capital gain.
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Shawn
10 months ago
I believe the tax slabs for that year were different, and I think Rs. 8,160 sounds familiar based on the calculations we did in class.
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Sherly
10 months ago
I'm a bit uncertain about how to treat the long-term capital gain in this scenario. Does it get added to the total income before calculating the tax?
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Hillary
10 months ago
I think we practiced a similar question where we had to calculate tax on total income including capital gains. I feel like the answer might be around Rs. 8,800, but I can't recall the exact steps.
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Anglea
10 months ago
I remember that for the assessment year 2007-08, long-term capital gains were taxed at a lower rate, but I'm not sure how that affects the total tax calculation.
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Garry
11 months ago
I've got this! I just need to remember the tax slab rates and any special provisions for long-term capital gains. With a little focus, I can solve this problem accurately.
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Lawanda
11 months ago
Okay, let me think this through step-by-step. First, I'll calculate the taxable income by subtracting any applicable deductions from the total income. Then, I'll apply the appropriate tax rates to determine the final tax liability.
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Nina
11 months ago
Hmm, I'm a bit confused about how to handle the long-term capital gain component. Do I need to treat that differently than the regular income?
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Goldie
11 months ago
This looks like a straightforward tax calculation problem. I'll need to apply the relevant tax rates and deductions to the total income to determine the final tax amount.
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Avery
12 months ago
But the long-term capital gain should be taxed differently, right?
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Tatum
12 months ago
This question is a piece of cake! The tax on Rs. 80,000 (total income minus long-term capital gain) is Rs. 7,000. Option C is the way to go, my friends.
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Devon
12 months ago
I disagree, I believe the answer is B) Rs. 8,160.
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Felix
12 months ago
Wait, isn't the tax rate for long-term capital gains 20%? If that's the case, the tax on the Rs. 60,000 gain would be Rs. 12,000, and the total tax would be Rs. 8,800. I think option A is the correct answer.
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Thaddeus
8 months ago
I think option B might be the answer. It's worth checking!
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Terrilyn
9 months ago
I agree with you! Option A seems right.
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Glenna
9 months ago
True, but the capital gains tax is still significant.
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Janella
9 months ago
But remember, the total income affects the tax calculation too.
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Avery
12 months ago
I think the answer is A) Rs. 8,800.
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Phung
1 year ago
Hmm, let's see... With a total income of Rs. 1,40,000 and a long-term capital gain of Rs. 60,000, the taxable income should be Rs. 80,000. The tax rate for this slab is 10%, so the tax amount should be Rs. 8,000. I'm going with option B.
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Virgie
12 months ago
I think the tax on total income of Rs. 1,40,000 with a long-term capital gain of Rs. 60,000 should be Rs. 8,000.
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Antonio
12 months ago
I think the tax on total income of Rs. 1,40,000 should be Rs. 8,000.
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