STCG 111A & 80C

This query is : Resolved

Avnish Gupta (Querist)
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24 July 2008 If a woman assesee below age of 65 yrs.,has salary income of rs.135000/-, Interest on Loans given of Rs.15000/- and Income from Share trading(delievery based and IPO's)of Rs. 75000/.She has deductionu/s 80C for Rs. 55000/.Can she treat income from Share trading as Profits from business and get advantage of STT and Deductions allowed u/s 80C.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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24 July 2008 Yes, she can treat the profit from share trading as her income from business and accordingly claim deduction u/s 80C of the Income Tax Act and rebate of STT u/s 88E(upto AY 2008-09). The rebate u/s 88E shall be at the average rate of tax on the income derived from share trading business. From AY 2009-10, STT is available as an allowable business expense.

Amit

Amit (Expert)
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23 December 2009 to Claim the amount under the business head, she need to have a proprietorship business or of other kind and the contract note should be in the name of the business.