Mr. X, age 83 years, a resident individual, gives the following particulars of his receipts for A.Y. 2024-25 : 1. Installment received from the bank…

Computation of total income and tax liability of Mr. X for A.Y. 2024-25 Particulars ₹ I Income from Salaries Pension from Central Government 4,50,000 Less: Standard deduction u/s 16 [Actual salary or - 50,000, whichever is less] 50,000 4,00,000 II Capital Gains STCG on sale of dining table and chairs [Not a capital asset since it is personal effects] Nil III Income from Other Sources Installment received under reverse mortgage [Exempt u/s 10(43)] Nil Interest on bank term deposits 2,00,000 Interest on bank saving a/c 45,000 Income from dairy farming on agricultural land 50,000 2,95,000 Gross Total Income 6,95,000 Less: Deduction under section 80TTB 50,000 Total Income 6,45,000 Tax liability Up to 5,00,000 Nil 5,00,001 - 6,45,000 [@20% of 1,45,000] 29,000 29,000 Add: Health and education cess @4% 1,160 Tax liability 30,160