STCG CALCULATION
This query is : Resolved
27 September 2008
if i have a salary income of Rs.80,000/- and short term capital gain is Rs.70,000/- (STT paid)
should i pay tax on Rs.70,000/- @ 10%
Should I pay tax on Rs.40,000/- @ 10% (i.e. 70,000+80,000-110000 exemption limit)
Should i reduce STT from my capital gain income
What benefit can i gain from STT paid
should i pay tax on Rs.70,000/- @ 10%
Should I pay tax on Rs.40,000/- @ 10% (i.e. 70,000+80,000-110000 exemption limit)
Should i reduce STT from my capital gain income
What benefit can i gain from STT paid
PIYUSH JAIN
(Expert)
27 September 2008
Dear Vishal,
If you are talking about last year, exempyion limit was 110000.
As per IT act you can reduce your STCG amount from your income upto your exemption limit.
So for rest 40000 you have to pay tax and according to sec 88 E you can get rebate for STT paid.
If you are talking about last year, exempyion limit was 110000.
As per IT act you can reduce your STCG amount from your income upto your exemption limit.
So for rest 40000 you have to pay tax and according to sec 88 E you can get rebate for STT paid.
Ravikumar.G
(Expert)
27 September 2008
Assuming this is for FY 07-08
Tax on STCG = 10% [Total Income including STCG - Basic Exemption]
Hence in your case it will be
10%(150000-110000)=10%*40000=4000
Tax on STCG = 10% [Total Income including STCG - Basic Exemption]
Hence in your case it will be
10%(150000-110000)=10%*40000=4000
Ravikumar.G
(Expert)
27 September 2008
To avail rebate u/s 88E, income from securities have to be treated as business income in total income computation. If you are offering as STCG, then you can't claim STT.
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