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Cumulative effect of proviso to sections 112(1)(a) and 111a?
Mr. X (30 yrs.) is a resident in India for the A.Y. 2012-13. His income for the said A.Y. is 1) Income from business Rs. 50000, 2) LTCG on sale of gold Rs. 100000 i.e. Taxable u/s 112 3) STCG u/s 111A Rs. 50000. How shifting benefit will be available to Mr. X? i.e. What is tax liability of Mr. X?
Replies (3)
Hi,
Reply to your query is attached in the file.
Thank you. Can you tell me on what basis first LTCG is set off to avail shifting benefit? Is there any specific provision in the Act in this regard or it is taken as it is beneficial to the assessee?
Yes,for the benifit for the assessee, we have to apply shifting rule to LTCG and then to STCG. I hope your query is solved?
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