Tax on Short Term capital Gain
This query is : Resolved
15 May 2011
My business income is 3 Lakhs & my short term capital gain on shares (with STT paid) Rs 50000/- My total Income is 3,50,000/- Now question is what is my tax liability & I can deduct my STCG from my basic exemption Rs 1,60,000/-.
15 May 2011
IN YOUR CASE STCG WILL BE TAXED AT CONCESSIONAL RATE OF 15 PERCENT PLUS CESS
SINCE YOUR OTHER INCOME IS WELL ABOVE BASIC EXEMPTION LIMIT HENCE DEDUCTING STCG FROM THIS AMT DOES NOT ARISE
CA MANOJ GUPTA
JODHPUR
09828510543
IN YOUR CASE STCG WILL BE TAXED AT CONCESSIONAL RATE OF 15 PERCENT PLUS CESS
SINCE YOUR OTHER INCOME IS WELL ABOVE BASIC EXEMPTION LIMIT HENCE DEDUCTING STCG FROM THIS AMT DOES NOT ARISE
CA MANOJ GUPTA
JODHPUR
09828510543
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
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
Trending Online Classes
CAclubindia
