My query is regarding the availing of basic exemption.
A.Y. : 2011-12
Case: The assessee has Long Term Capital Gain from sale of gold as well as Short Term Capital Gains taxable u/s 111A.
The Long Term Capital Gains is taxable @ 20% and Short Term Capital Gains is taxable @15%
Assume there is no other income
The basic exemption should be utilised in what order i.e. First for Long Term Gain or Short Term Gain.
Please provide solution to the dilemma as basic exemption can be availed for both Long Term Capital Gain under proviso to Section 112 and well as Short Term Capital Gain under proviso to Section 111A but i am not getting in what order .
20 February 2014
Dear Sir I mean Basic Exemption of Rs 1,60,000.
The basic exemption can be availed for both Long Term Capital Gain under proviso to Section 112 and well as Short Term Capital Gain under proviso to Section 111A but i am not Sure in what order.
CAclubindia
