I HAVE ONLY INCOME FROM STCG IN SHARES. WHETHER I AM ELIGIBLE FOR THRESHHOLD LIMIT? i.e. WHETHER I CAN REDUCE RS, 250000/ THEAN 500000/- etc. OR I HAVE TO PAY TAX ON FULL AMT. @ 15%? WHETHER I CAN GET EXEMPTIONS SUCH AS INTEREST ON HOUSING LOAN AND CHAPTER VIA?
PLEASE ANSWER
Since STT is paid on this, STCG is taxable @ 15%. However, relief is available as per proviso to sec 111A (explained below).
No deductions can be claimed u/s 80C to 80U in this case but interest on borrowed capital u/s 24b is deductible.
Relief in some cases (proviso to sec 111A)
Conditions
If the above conditions are satisfied, the following shall be deducted from STCG u/s 111A
Exemption limit – (Net income or taxable income – STCG u/s 111A)
After deducting the above amount, the balancing amount of STCG u/s 111A is taxable @ 15% + EC + SHEC
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