Mr X has income from STCG Rs. 250000 on sale of Building. He has invested Rs. 70000 in PPF A/c. Whether the Chapter VI A Deduction of PPF is available for deduction? He has income from other sources Rs. 50000. Also what is the Tax Liability?
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Deduction of chapter vi a
Replies (6)
Yes the assesee can claim deduction of PPF against STCG
Gross Total Income Rs.300,000
Less: Deductions Rs.70,000
Taxable Income Rs.230,000
Tax Liability Rs.3000
STCG on sale of assets is taxable at slab rates for Individual & HUF. hence deuction under chap VI A is allowed
yes u can claim deduction for ppf for stcg but if stcg is u/s 111a (Sale of shares on a listed stock exchange & where stt is paid) then u can't claim deduction under chapter vi - a, its taxable at flat 15%.
G.T.I.-300000
DEDUCTION U/S 80C-(70000)
TAXABLE INCOME-230000
TAX LIABILITY:
10% ON 50000(AFTER ALLOWING BASIC EXEMPTION OF MALE ASSEESSE)+3% CESS ON 5000
TOTAL TAX 5150
| Originally posted by : Mayur Jain | ||
 |
G.T.I.-300000 DEDUCTION U/S 80C-(70000) TAXABLE INCOME-230000 TAX LIABILITY: 10% ON 50000(AFTER ALLOWING BASIC EXEMPTION OF MALE ASSEESSE)+3% CESS ON 5000 TOTAL TAX 5150 |
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