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Help to calculate net tax payable

Tax queries 1123 views 6 replies

Hi – Can someone advice what would be the amount on which I need to pay tax, and further what amount will be carried forward as “Loss”

Total Long Term Capital Gain       :                 6,000
Total Long Term Capital Loss       :               -8,000
Total Short Term Capital Gain     :                 10,000
Total Short Term Capital Loss      :               -30,000
 
Also, I have got:
Bank Interest                                     :               1,000
Dividend on Shares                         :                  600

Awaiting your response - Regards, Jignesh Mehta

Replies (6)

Hi.....

 

According to me, there would be no tax payable..........

hiiiii

There will be no Tax liability.As far as carry forward of loss is concerned-

Long term capital loss-2000/

short term capital loss-20000/-

Hi, Thanks for your response.
"There will be no Tax liability.As far as carry forward of loss is concerned-
Long term capital loss-2000/
short term capital loss-20000/-"

What happens to the Bank Interest & Divident of Share that I have got? Do I have to pay tax on this or do they get adjusted against Long term / Short term loss.
Bank Interest          :               1,000
Dividend on Shares     :                 600
 

Yes.. U r right...

 

Short term loss would be adjusted against the interest and dividend....

 

So there would be no tax payable........

Hiii......

Losses under the head 'Capital Gains' can't be adjusted with the income of any other head whether it is LTCL or STCL. You have to file the return for carry forward of losses. No tax would be payable since your income is below the taxable limit. 

thank you all for the response


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