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Stcg

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(Querist)
05 January 2013 Good Afternoon
If there is STCG of 180000,is a person liable to tax? Will there be any difference if Such STCG was covered u/s 111-A?
Pls answer w.r.t Assessment Year 13-14.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
05 January 2013 STCG Other than 111-A : AY 2013-14

In case the person is having STCG of Rs 180000/- and he does not have any other income, he is not required to pay Tax.
.
If he has other Income of Rs 100000, and pays LIP,PPF of Rs. 30000, he has to pay tax on 280000-30000=250000-(slab) 200000=50000@10% ; Tax will be Rs. 5000
.
STCG 111-A : AY 2013-14

In case the person is having STCG of Rs 180000/- and he does not have any other income, he is not required to pay Tax.
.
If he has other Income of Rs 100000, and pays LIP,PPF of Rs. 30000, he has to pay tax on 280000-30000=250000-(slab) 200000=50000@15% ; Tax will be Rs. 7500
.
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