income tax

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CA abhinandan agarwal (Querist)

29 January 2011 short term capital gain is rs.300000 and there is no other income.so the total income is 300000.what is tax liability in case of individual assessee.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

29 January 2011 Male individual below 65--

Total Tax =15.45% of Rs (300000-160000)
=Rs 21630/-

Taxable income will be Total gain less exemption limit of individual-deduction u/s 80 if any.

CA abhinandan agarwal

CA abhinandan agarwal (Querist)

29 January 2011 but income tax act written when other than stcg if income below maximum exemption limit then 10% not 15%

Aditya Maheshwari

Aditya Maheshwari (Expert)

29 January 2011 visit this link for indepth analysis of that mistake in the section
https://www.caclubindia.com/forum/a-weird-section-111a-92605.asp

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CA abhinandan agarwal

CA abhinandan agarwal (Querist)

29 January 2011 in my question 140000*10% pls rply

CA abhinandan agarwal

CA abhinandan agarwal (Querist)

29 January 2011 reply please

Aditya Maheshwari

Aditya Maheshwari (Expert)

29 January 2011 it would be 140000 * 15% as mentioned by Sanjayji.

Guest

Guest (Expert)

29 January 2011 But explain the nature of STCG

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

29 January 2011 Good point raised by Moondra Sir.

If STCG is STT paid then Tax Rate 15%.
If STCG is non STT paid normal tax rate will apply.

If STT paid (15.45% of Rs 140000/-)
If STT not paid (10.3% of Rs 140000/-)

Guest

Guest (Expert)

29 January 2011 Now, I agree with Mr. Sanjay

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