Computation of net taxable income

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This query is : Resolved

kuna sahu (Querist)

10 January 2013
HOW TO COMPUTE NET TAXABLE INCOME
IF:

salary income = 2,00,000
Loss on H.PROPERTY =(2,00,000)
short-term CAP.GAIN = 2,00,000
DEDUCTION UNDER 80C =(1,00,000)

KINDLY SUGGEST ME

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

10 January 2013 1. Loss on House Property :
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If it is in respect of let out property, it will be fully allowed. Otherwise limit of 1.50 lac has to be applied and to that extent only can be set off.
.
2.STCG:
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STCG on Shares units etc U/s 111A:
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Against this you can not claim 80C
.
In the absence of any such information -
200000-200000+200000-100000=100000 is the total Income.
.

Message likes : 1 times

kuna sahu

kuna sahu (Querist)

10 January 2013
IS THAT AMOUNT TAXABLE ?
OR EXEMPTED AS PER I.T. TAX SLAB ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

10 January 2013 This amount is not taxable in case of an individual assessee.
.
Please Para 1. and 2. carefully as calculation may change accordingly.
.

Message likes : 1 times

kuna sahu

kuna sahu (Querist)

10 January 2013 THANK YOU VERY MUCH SIR.

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