TAXABILITY OF STCG
This query is : Resolved
05 March 2008
DEAR SIR,
PY : 2007-08
AY : 2008-09
An assessee have the following income.
1. Income from salary - Rs 72,000/-
2. Income from Bank Interest on Deposits Rs 1250/-
3.STCG from trading in securities listed in BSE and NSE - RS 25600
Total Income (1+2+3) = Rs 98,850/-
Q : whether he is exempt from tax since his total income less than Rs 1,10,000/- or tax on STCG by trading on shares will be Rs 2560(Rs 25600 X 10%)
PY : 2007-08
AY : 2008-09
An assessee have the following income.
1. Income from salary - Rs 72,000/-
2. Income from Bank Interest on Deposits Rs 1250/-
3.STCG from trading in securities listed in BSE and NSE - RS 25600
Total Income (1+2+3) = Rs 98,850/-
Q : whether he is exempt from tax since his total income less than Rs 1,10,000/- or tax on STCG by trading on shares will be Rs 2560(Rs 25600 X 10%)
05 March 2008
YES, HE IS EXEMPT FROM TAX SINCE HIS INCOME IS LESS THAN 110000/-
05 March 2008
Nil Tax
07 March 2008
Hi Sundar
As his total income is less than the exemption limit hence no Tax.
As his total income is less than the exemption limit hence no Tax.
07 March 2008
Thank you very much to all of you sir
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