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.
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