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Income Tax

Mahesh (Student CA IPC / IPCC) (67 Points)

15 December 2017

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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5 Replies

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 15 December 2017

Yes... He can avail the deductions.

Mahesh (Student CA IPC / IPCC) (67 Points)
Replied 15 December 2017

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

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CA Mayur Todmal (Practicing CA) (7645 Points)
Replied 15 December 2017

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)

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