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/-.
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