Sir please help me, my client Short term capital gain for 2009-2010 F.Y. (STT PAID) is22546/- and speculation income is 2000 what will be short term capital gain will be paid in ITR for the said financial year pls guide me
ranjitkarmakar (service) (303 Points)
20 December 2010Sir please help me, my client Short term capital gain for 2009-2010 F.Y. (STT PAID) is22546/- and speculation income is 2000 what will be short term capital gain will be paid in ITR for the said financial year pls guide me
Divya K S
(CA)
(289 Points)
Replied 20 December 2010
Income under the head capital gains will be Rs. 22546 & under speculation business it will be Rs. 2000. If there is no other income apart from these, then no tax liability arises since the basic exemption limit is not crossed.
Sunshine
(Helping All)
(10575 Points)
Replied 20 December 2010
agree with Divya...if there is no other income then no tax liability but in case there are other incomes also and it exceeds the exemption limit..then generally Short term capital gain will be taxed @ 15% u/s 111A..
Nabeel
(CA)
(3288 Points)
Replied 21 December 2010
| Originally posted by : Sneha.... sunshine | ||
 |
agree with Divya...if there is no other income then no tax liability but in case there are other incomes also and it exceeds the exemption limit..then generally Short term capital gain will be taxed @ 15% u/s 111A.. |
 |
i agree....
CAclubindia
