Compute the income tax in following case?
Income from other source = 40000
Agriculture income = 150000
Short term capital gain U/S 111A = 2500000
Thanks in advance.
Pankaj
(Student)
(60 Points)
Replied 19 July 2010
1)On normal income including agricultural income -3,78,000 plus education cess and
2)on agri income plus normal exemption limit -16,000 plus education cess
3) Subtract 1) from 2)
CA Abhay
(Chartered Accountant)
(36 Points)
Replied 19 July 2010
But
My querry is that in this case the normal income is Rs. 40000. So the benefit available u/s.111A (i.e. 160000-40000) is reduced from the STCG u/s. 111A or not?
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