Sale of shares

Your Total income is 96000+4230+198410 STCG (19841/10%) =  Rs 298640 so your tax liability would be :

(298640-150000)= 148640 as this amount is not exceeding STCG so whole amount will be taxable @ 10% i.e. 14864.

You have already paid 19841 so you can claim refund of Rs 4977.

* I assumed that you paid STT @ 10%

as ur non capital gain income does not exceed basic exemption limit......u can avail a rebate...in this manner.....

Exemption Limit - (Total Income - Stcg)

the resultant figure u can deduct it from stcg

pls try in this manner if it is wrong kindly do oblige

 (this is only my views)...

Prakash sir...problem is related to F.yr 2007-2008..i shd exemption shd be of Rs 1,10,000.

saurabh incometax shb be calculated in such a way.....

110000-(96000+4230) = 9770 this amount is deducted form the STCG of rs 19841 and the rest will be taxable.

in ur case tax will be (19841-9770)* 15% = 1500 (approx)

Hi this is Hitesh, Mr.Prakash ji, i think you did not get the exact question, STT stands for security transaction tax, that is this query relates to section 111A, & Mr. Ankur you almost did it except the rate of Tax is 10%, Ankur as you already emphasised that the query relates to A.Y 2008-09, & 15% rate of tax relating to STCG is Applicable from AY 2009-10

Thanks

Hitesh Kumar

i.e

Prakash sir...problem is related to F.yr 2007-2008..i shd exemption shd be of Rs 1,10,000.

saurabh incometax shb be calculated in such a way.....

110000-(96000+4230) = 9770 this amount is deducted form the STCG of rs 19841 and the rest will be taxable.

19841-9770=10071*10%=App 1000