If an assessee has only stcg income on shares rs. 100000/- in a financial year, then it is taxable or not. Whether it is under exemption limit or not ?
01 March 2008
The total income is the income considered on all heads. So if the assessee has only income from STCG of Rs.100000/-, this income is not taxable as the income falls below the exemption limit of Rs.110000/-. However, if the income from STCG is 120000/-(say), then the income would be (120000-110000) or Rs.10000/- and tax would be 10%on 10000/-
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