Capital Gain

can be claimed against STCG other than 111A

You can claim deduction under chapter VIA for short term capital gain (which is not covered under sec 111A) but you cannot claim the deduction for Long term capital Gains.  The deductions available to LTCG are from sec 54to54G only !... However if your STCG (except u/s 111A)/LTCG is in such a way that you dont have any other income, then STCG/LTCG is not taxable upto the unutilised basic exemption limit.  For Ex:, ST(not covered under sec 111A) / LT Capital gain is Rs. 250000 and you dont have any other income, your tax liability (if male < 65 years for ay 2011-12) is

IF LTCG (Income = 250000-160000=90000), Tax = 18000+EC&SHEC[90000*20%]

IF STCG (Not u/s 111A, Income = 250000-160000=90000), Tax = 9000+EC+SHEC [90000*10%]

IF STCG is out of 111A, then taxable at special rate, no deductions under VIA, tax @ 15%

In case of STCG you can claim any deduction under VIA, provided your deductions (including STCG) does not cross your Gross Total Income.  In other words, you can claim deduction under chap VIA  for the whole STCG!!! :)

Agreed with Yeshwanth..nice explanation.