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?
Devendra (Chartered Accountant) (4775 Points)
28 April 2012
Ca Gaganjot Kaur
(CA)
(108 Points)
Replied 28 April 2012
Yes the assesee can claim deduction of PPF against STCG
Alok Siddapur
(Consultant)
(229 Points)
Replied 29 April 2012
Gross Total Income Rs.300,000
Less: Deductions Rs.70,000
Taxable Income Rs.230,000
Tax Liability Rs.3000
CA Siddhi Gupta
(Consultant (RAS))
(145 Points)
Replied 30 April 2012
Ankit
(CA Final)
(75 Points)
Replied 30 April 2012
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%.
Mayur Jain
(IPCC student)
(42 Points)
Replied 01 May 2012
Rup Kumar
(finance manager)
(288 Points)
Replied 01 May 2012
| 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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