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TAXABILITY OF STCG

This query is : Resolved 
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(Querist)
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%)
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
05 March 2008 YES, HE IS EXEMPT FROM TAX SINCE HIS INCOME IS LESS THAN 110000/-
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CA. Kirti S. Ganatra

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CA. Kirti S. Ganatra (Expert)
05 March 2008 Nil Tax
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CA J M Pattanayak

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CA J M Pattanayak (Expert)
07 March 2008 Hi Sundar
As his total income is less than the exemption limit hence no Tax.
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CA S Sundararajan

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CA S Sundararajan (Querist)
07 March 2008 Thank you very much to all of you sir
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