Chapter vi a deduction
This query is : Resolved
28 April 2012
Mr X has income from STCG Rs. 250000 on sale of Building. He has invested Rs. 70000 in PPF A/c. Whether the Chapter VI A Deduction of PPF is available for deduction?
He has income from other sources Rs. 50000.
Also what is the Tax Liability?
He has income from other sources Rs. 50000.
Also what is the Tax Liability?
29 April 2012
YES PPF DEDUCTION WILL BE AVAILABLE.
YOUR TAXABLE INCOME FOR AY 12-13 WILL BE(250000+50000-70000-180000)=50000
TAX LIABILITY WILL BE 50000+ 3% EC & SHEC + interest under sec 234A,B,C
YOUR TAXABLE INCOME FOR AY 12-13 WILL BE(250000+50000-70000-180000)=50000
TAX LIABILITY WILL BE 50000+ 3% EC & SHEC + interest under sec 234A,B,C
29 April 2012
Tax liability on Rs.50000 as computed by Parth.
i.e. 10% of Rs.50000 +3% Cess and Interest as per Section 234A, B , C
i.e. 10% of Rs.50000 +3% Cess and Interest as per Section 234A, B , C
30 April 2012
agree with the above experts..
06 May 2012
Yes I agree with the expert as the STCG is to be treated as business income it is available for deduction
06 May 2012
HOW STCG IS TO BE TREATED AS BUSINESS INCOME?
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
