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U/s 111a

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(Querist)
28 July 2012 I have income of Rs 150000 and short term capital gain tax of Rs 8000 under Section 111 A i.e sale of shares can you please advse how tax is to be calculated
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
29 July 2012 According to section 111A you need not to pay any short term capital gain tax based on information provided by you.

OM SAI SRI SAI JAI JAI SAI
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CA Salman Mansoori

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CA Salman Mansoori (Expert)
29 July 2012 Sir your total income i.e. 150000+8000 donot exceed exemption limit and hence no tax is payable. However if the case was 150000+40000 than you would be liable for special rates of taxes u/s 111A at Rs. 10000/- only(in case of limit of 180000/-)
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