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STCG income is taken in exemption limit of Rs.110000/- or no

This query is : Resolved 
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(Querist)
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
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CA. GOPAL SONIKA

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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/-
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R.V.RAO

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R.V.RAO (Expert)
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
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
01 March 2008 Yes this is under basic exemption limit
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MANAS ROUT

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MANAS ROUT (Expert)
01 March 2008 STCG IS INCLUDIBLE IN GROSS TOTAL INCOME AND HIS TAXLIABILITY IN NIL.
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