18 July 2008
My client who is a residend women below 65 yrs of age.Her Income for A.Y. 2008-09 consist of Rs. 3.00 lacs from long term capital gains eligible for special rate of tax u/s 112 & Rs. 3.00 lacs from short term capital gains eligible for special tax rate u/s 111A. She has no other income. She has also made investment of Rs. 1.00 lac for claiming deduction u/s 80-C. Please compute tax liability.
Are you sure that we will get benefit of basic exemption of Rs. 145000/-?
Secondly whether reducing basic exemption of Rs. 145000/- from long term capital gains instead of short term capital gains is correct? Please clarify it.