Tax calculation
This query is : Resolved
28 February 2011
Dear team,
A person has earned 300000 only from short term capital gain. how much he will be taxed?
Will he get any exemption under section 80 from above income?
A person has earned 300000 only from short term capital gain. how much he will be taxed?
Will he get any exemption under section 80 from above income?
CA PARAS BAFNA
(Expert)
28 February 2011
If the Short Term Capital Gain is of the nature as defined in Section 111A, i.e. on shares etc.., you can not claim 80C.
If STCG is related with capital asset other than shares etc. you can claim Chapter VIA deductions including 80C.
As such for AY 2010-11 his Total Income would be 200000/ and tax will be Rs.4000/+EC+HEC only.
If STCG is related with capital asset other than shares etc. you can claim Chapter VIA deductions including 80C.
As such for AY 2010-11 his Total Income would be 200000/ and tax will be Rs.4000/+EC+HEC only.
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