Short term capital gain Section 87A
This query is : Resolved
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shashi kiran
(Querist)
30 March 2025
Hi
Mr.X, had short term capital gain of Rs.90000, arrived from sale of shares for short term period.
He also has income from house property.
For FY 2023-24. He filed returns and his income was less than Rs.5L which is eligible for section 87A deduction
He filled accordingly
However he gets notice to pay Rs.16000 including penalty and interest as income tax on short term capital gain,
Please explain relevant provisions , so that we can respond to the notice
Please guide
Mr.X, had short term capital gain of Rs.90000, arrived from sale of shares for short term period.
He also has income from house property.
For FY 2023-24. He filed returns and his income was less than Rs.5L which is eligible for section 87A deduction
He filled accordingly
However he gets notice to pay Rs.16000 including penalty and interest as income tax on short term capital gain,
Please explain relevant provisions , so that we can respond to the notice
Please guide
Dhirajlal Rambhia
(Expert)
30 March 2025
https://itatonline.org/digest/verdicts/the-chamber-of-tax-consultants-v-director-general-of-income-tax-systems-ors/
Dhirajlal Rambhia
(Expert)
30 March 2025
https://taxguru.in/income-tax/section-87a-tax-rebate-stcg-income.html
Dhirajlal Rambhia
(Expert)
30 September 2025
Good luck....
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