22 February 2009
In case of resident individual, what has to be given preference to deduct the basic exemption while calculating the tax if that person has income taxable at normal as well as special rate of tax.
e.g: If his income from other sources is Rs. 80,000/-, short term capital gain taxable at special rate of 10% is Rs.15,000/- and long term capital gain taxable at special rate of 20% is Rs.2,00,000/-. In which order should the above said incomes can be deducted as basic exemption from tax.
23 February 2009
Mr.Chetan utilization of ltcg is absolutely allowed even agst LTCG. U will first discharge IFOS, then LTCG and STCG(regd 2nd and 3rd option there is no prescribed law, as a result the assessee can go for the amt which is most beneficial to him).
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