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Capital Gain

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(Querist)
29 May 2010 If assessee have long term capital gain u/s 112 and short term capital gain u/s 111A. Theses are the only two incomes of the assessee then the minimum exemption can be claimed from long term capital gain and paid tax on STCG U/s 111A @ 10% for benefit to the assessee or we should go for benefit to the revenue and claim minimum exemption of Rs.150000 from STCG and paid tax on LTCG @ 20%. Give valuable suggestion on this. If there is any case law kindly refer.
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CA.Amit Revankar

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CA.Amit Revankar (Expert)
30 May 2010 There is no such provision under IT Act for adjusting the income toward minimum exemption except for income covered u/s 115BB(winning from lottery,crossword puzzle etc) where u have to pay the mandatorily tax @30%. In other case, application should be done in such a way which is more beneficial to assessee.
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