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
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
01 March 2008
Yes this is under basic exemption limit
01 March 2008
STCG IS INCLUDIBLE IN GROSS TOTAL INCOME AND HIS TAXLIABILITY IN NIL.
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