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Tax queries 1036 views 6 replies

shankar

Student

24 Points Posted on 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,

Replies (6)

Pankaj Mall

294 Points Posted on 23 January 2009

LTCG STCG with STT or not

PiyushAgrawal

Chartered acooutant in practice

575 Points Posted on 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 Posted on 23 January 2009

I solve Ur query in attached exl file.

HARSHIT KABRA

STUDENT

81 Points Posted on 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.