STCG and Basic exemption limit
This query is : Resolved
28 July 2008
Do we get the basic exemption limit if there is a short term capital gain and income from other heads of income is less than the basic exemption limit???Say, if STCG is Rs. 2,00,000 and Bank interest is Rs 7500, what will be the tax payable??Can any one help me out?This is with respect to NRI assesses and resident indviduals.
28 July 2008
Yes, you will definately get benefit of Basic Exemption Limit from STCG. So taxable amount will be Rs 200000-(150000-7500)=Rs 57500.
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