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Cumulative effect of proviso to sections 112(1)(a) and 111a?

CA Ankit Adhyaru (Partner - Yusuf Ankit & Co.) (201 Points)

12 March 2012

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?

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3 Replies

Ninad Pandit (CA Final Student) (254 Points)
Replied 12 March 2012

Hi,

Reply to your query is attached in the file.

Attached File : 65483 946779 statement of total income.xls downloaded: 218 times

CA Ankit Adhyaru (Partner - Yusuf Ankit & Co.) (201 Points)
Replied 12 March 2012

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?