Capital Gains u/s. 111A and 112
This query is : Resolved
18 May 2009
If a resident assesssee has the following incomes for A.Y. 2009-10.
Rs.
Short term capital
gain on sale of shares 1,00,000
Long term capital gain on
Sale of land 1,00,000
--------
2,00,000
--------
What will be his tax liability in the following circumstances:
1. The shares are sold through recognised stock exchange i.e., STT paid
2. The shares are sold privately to a friend.
Rs.
Short term capital
gain on sale of shares 1,00,000
Long term capital gain on
Sale of land 1,00,000
--------
2,00,000
--------
What will be his tax liability in the following circumstances:
1. The shares are sold through recognised stock exchange i.e., STT paid
2. The shares are sold privately to a friend.
18 May 2009
1. shares sold through recognised stock exchange
sale of shares 7500
(50000*15%)
sale of land NIL
(Considered basic exemption limit)
Total 7500
2. shares sold privately
sale of shares 5000
(50000*10%)
sale of land Nil
(Considered basic exemption limit)
5000
(note : i have assumed here is only above two income)
sale of shares 7500
(50000*15%)
sale of land NIL
(Considered basic exemption limit)
Total 7500
2. shares sold privately
sale of shares 5000
(50000*10%)
sale of land Nil
(Considered basic exemption limit)
5000
(note : i have assumed here is only above two income)
19 May 2009
Sir
Is there any priority that LTCG would be first eligible for adjutment against basic exemption limit.......
Is there any priority that LTCG would be first eligible for adjutment against basic exemption limit.......
19 May 2009
Please do reply as quickly as possible
19 May 2009
look kuldip ltcg is taxable @ 20%. and stcg would be taxable @15%(if stt paid) or at normal slab starting from 10% after basic exemption limit. Therefore it is better to adjust against ltcg first. in the given case you have only two income therefore the above treatment is favourable if the normal income goes to 30% rate then it should be better to adjust the BEL against normal income instead of LTCG.
22 May 2009
In case the shares are sold privately the answer will be 50000(remaining LTCG) x 20%= 10,000/- and not 5000/-.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
