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Solve This

shankar (Student) (24 Points)

23 January 2009

Assesse is a women assesse aged lessthan 65 years. Her income is the following :

LTCG Rs.163869/-

STCG Rs.301075/-

IFOS Rs.111529/-

LIP Rs.100000/-

Agri Income Rs.88000/-

Please solve this what is the tax liability for the FY 06-07 (Asst Year 07-08)

Please solve this query

Thanks in advance,

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6 Replies

Pankaj Mall (CA) (294 Points)
Replied 23 January 2009

LTCG STCG with STT or not

PiyushAgrawal (Chartered acooutant in practice) (575 Points)
Replied 23 January 2009

Originally posted by :shankar
"	Assesse is a women assesse aged lessthan 65 years. Her income is the following : LTCG Rs.163869/- STCG Rs.301075/- IFOS Rs.111529/- LIP Rs.100000/- Agri Income Rs.88000/- Please solve this what is the tax liability for the FY 06-07 (Asst Year 07-08) Please solve this query Thanks in advance,	"

Plz give clear detail abt cap gain.if we assumed the whole LTCG is taxable and STCG is not related to sec111A than tax calucaltion is as follows:---

PiyushAgrawal (Chartered acooutant in practice) (575 Points)
Replied 23 January 2009

I solve Ur query in attached exl file.

Attached File : 54 ur query.xls downloaded: 195 times

HARSHIT KABRA (STUDENT) (81 Points)
Replied 26 January 2009

Dear Shankar,
    There are many issues arising here.
            i. Is LTCG through recognised stock exchange and STT is paid or is it for any other purpose.
            ii. STCG is for shares, debentures and bonds or for any other purpose.

This is because the computation of tax liability differs a lot due to this reasons.
Pls. clarify me regarding the matters stated above.