Help to calculate net tax payable

Tax queries 1083 views 6 replies

Jignesh

41 Points Joined May 2008

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)

Darshu

1580 Points Joined September 2007

Hi.....

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

silky jain

chartered accountant

167 Points Joined December 2008

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/-

Jignesh

41 Points Joined May 2008

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

Darshu

1580 Points Joined September 2007

Yes.. U r right...

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

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

Guest

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.