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.
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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