Chapter vi a deduction

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Devendra (Querist)
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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?

CA PARTH SHAH

CA PARTH SHAH (Expert)
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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

CA Puneet Jethliya

CA Puneet Jethliya (Expert)
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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

dhanwanti kourani

dhanwanti kourani (Expert)
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30 April 2012 agree with the above experts..

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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06 May 2012 Yes I agree with the expert as the STCG is to be treated as business income it is available for deduction

CA PARTH SHAH

CA PARTH SHAH (Expert)
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06 May 2012 HOW STCG IS TO BE TREATED AS BUSINESS INCOME?

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