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?
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.
Message likes :
2 times
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
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- REGARDING GST LIABILITY/....
- Tax liability on income of freelancer
- SALE BILL AGAINST GOODS RETURN
- Loan by Partnership Firm
- STCG FOR GOLD ETFs
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
