can basic exemption be claimed on STCG if assessee is not having any other income for AY 2010-11 AND AY 2011-12
5 Replies
varun
(aa)
(56 Points)
Replied 13 March 2013
Yes he can only if he is resident assessee. And if stcg is of the natue of 111A then he will have to pay tax @ 15% on balance of stcg after claiming basic exemption other wise @ normal rate.
CA Vineet Dubey
(Accounts)
(160 Points)
Replied 13 March 2013
yes, Your capital gain to be reduced by basic exemption limit
CA HIMANSHU
(ARTICLE)
(317 Points)
Replied 14 March 2013
yes but only to a resident individual and huf
with regards
himanshu agarwal
Akram
(C.A.FINAL)
(136 Points)
Replied 14 March 2013
If u r a resident indivisual , resident HUF or ordinery resident or not ordinerily resident than the STCG will be calculate as under :
Step 1 : calculate gross total income as per normal way (including STCG) .
Step 2 : Deduct deduction permissibale under Sec. 80C To 80U
Step 3: Find out net taxable income
Step 4 : calculate tax as per normal income tax slab awailable ...................................................................
* If STCG is as per section 111A than dection U/s 80C to 80U were not available
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