Tax on short-term capital gain if securities transaction tax is applicable & Paid
Then individual or HUF can claim benefit of basic exemption plus Chapter VI
A deduction form such short term capital gains
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Income Tax
Replies (5)
Yes... He can avail the deductions.
Short term capital gains which attracts 15% flat rate of tax know then how can it. She/ He avails deduction or basic exemption limit sir
A resident individual/HUF can adjust the STCG covered under section 111A against the basic exemption limit but such adjustment is possible only after making adjustment of other income. In other words, first income other than STCG covered under section 111A is to be adjusted against the exemption limit and then the remaining limit (if any) can be adjusted against STCG covered under section 111A.
Chapter VIA Deductions can not claimed against STCG (111A)
Thank You Sir
Yes... I agreed to Mr CA Mayor....
Sorry for wrong understanding myself.
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