STCG income is taken in exemption limit of Rs.110000/- or no
This query is : Resolved
01 March 2008
Dear All,
If an assessee has only stcg income on shares rs. 100000/- in a financial year, then it is taxable or not.
Whether it is under exemption limit or not ?
Please suggest me asap.
Thanks & REgards
CA. B.K.BANSAL
If an assessee has only stcg income on shares rs. 100000/- in a financial year, then it is taxable or not.
Whether it is under exemption limit or not ?
Please suggest me asap.
Thanks & REgards
CA. B.K.BANSAL
CA. GOPAL SONIKA
(Expert)
01 March 2008
The total income is the income considered on all heads.
So if the assessee has only income from STCG of Rs.100000/-, this income is not taxable as the income falls below the exemption limit of Rs.110000/-.
However, if the income from STCG is 120000/-(say), then the income would be (120000-110000) or Rs.10000/- and tax would be 10%on 10000/-
So if the assessee has only income from STCG of Rs.100000/-, this income is not taxable as the income falls below the exemption limit of Rs.110000/-.
However, if the income from STCG is 120000/-(say), then the income would be (120000-110000) or Rs.10000/- and tax would be 10%on 10000/-
01 March 2008
YES THE TOTAL INCOME RS. 0NE LAKH BEING UNDER EXEMPTION LIMIT OF RS. 1.1 LKAHS , IT IS EXEMPT FROM TAX.
R.V.RAO
R.V.RAO
CA Praveen Chopra
(Expert)
01 March 2008
Yes this is under basic exemption limit
MANAS ROUT
(Expert)
01 March 2008
STCG IS INCLUDIBLE IN GROSS TOTAL INCOME AND HIS TAXLIABILITY IN NIL.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Appointment of Auditor By Form ADT-1
- Closer of business and itc of capital goods
- Gratuity paid to legal heir above 20 lakh is taxable or not
- ARCA LOGIN
- TDS Return Statement Status
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
