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?
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