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CA Abhay (Chartered Accountant)     19 July 2010

Tax querry

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.



 2 Replies

Pankaj

Pankaj (Student)     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

CA Abhay (Chartered Accountant)     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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