short term gain on shares u/s 111A

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CA. Vinod

CA. Vinod (Querist)
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10 January 2008 Wheather rebate u/s 88E is available from 10% calculated u/s 111A?

K V Subba Rao

K V Subba Rao (Expert)
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10 January 2008 Yes, PROVIDED Income includes any income chargeable under the head "Profits and gains from business or profession"

Pl. refer Para 111 of 30th edition of Singhania's Direct Taxes Ready Reckoner

Obviously, in case of persons buying and selling shares casually, that is, without getting into business of trading in shares, the rebate u/s 88-E cannot be claimed.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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11 January 2008 rebate u/s 88e is available proprtionately if their is any icome u/s 28 of the act
if your icome is only stc no deduction is available u/s 88e for stc gain

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