Chapter vi a deduction
This query is : Resolved
28 April 2012
Mr X has income from STCG Rs. 250000 on sale of Building. He has invested Rs. 70000 in PPF A/c. Whether the Chapter VI A Deduction of PPF is available for deduction?
He has income from other sources Rs. 50000.
Also what is the Tax Liability?
He has income from other sources Rs. 50000.
Also what is the Tax Liability?
29 April 2012
YES PPF DEDUCTION WILL BE AVAILABLE.
YOUR TAXABLE INCOME FOR AY 12-13 WILL BE(250000+50000-70000-180000)=50000
TAX LIABILITY WILL BE 50000+ 3% EC & SHEC + interest under sec 234A,B,C
YOUR TAXABLE INCOME FOR AY 12-13 WILL BE(250000+50000-70000-180000)=50000
TAX LIABILITY WILL BE 50000+ 3% EC & SHEC + interest under sec 234A,B,C
29 April 2012
Tax liability on Rs.50000 as computed by Parth.
i.e. 10% of Rs.50000 +3% Cess and Interest as per Section 234A, B , C
i.e. 10% of Rs.50000 +3% Cess and Interest as per Section 234A, B , C
30 April 2012
agree with the above experts..
06 May 2012
Yes I agree with the expert as the STCG is to be treated as business income it is available for deduction
06 May 2012
HOW STCG IS TO BE TREATED AS BUSINESS INCOME?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
