Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2014 Mr. X has income asunder.
Income under the head salary 535000
Income under the head house prope 2,45,000
Income under the head business 30,000
Long term capita gains 1,10,000
Short term capital gains 25,000
Casual Income (winnings of lottery) 55,000
Deductions allowed under section 80C to 80U 25,000
Compute his tax liability for the assessment year 2014-15.

----Total Income 9,75,000

Computation of Tax Liability

Tax on Long term capital gains `1,10,000 @ 20% u/s 112 22,000
Tax on Casual Income `55,000 @ 30% u/s 115BB 16,500
Tax on Normal income `8,10,000 at slab rate 92,000
Tax before education cess 1,30,500 Add: Education cess @ 2% 2,610
Add: SHEC @ 1% 1,305

Tax Liability 1,34,415
Rounded off u/s 288B 1,34,420

Now, My question question are:
1. Where is the treatment of STCG?
2. In some question STCG & LTCG deduction/treatment are there. But in some question , it is not?
what may be the reasion.
3. Even when some amount is deducted from LTCG/STCG before calculating the percentage, the deducted amount differ, sometimes 130000, sometimes 170000, sometimes 200000 and so on.
May be due to age or due to residential status.

Please guide me

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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12 January 2014 You have to take into consideration the nature of STCG. If it is on shares of listed companies then yes rebate as available u/s 111 or 112 is avilalble otherwise it is to be treated as business income.

Yes the age factor of senior and above senior citizen is the reasons for the calculation difference.

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2014 Sir, that means all the exemption limit differ from types/nature of capital. Am i right sir?

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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12 January 2014 Yes based on the nature of income and age factor it will vary

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2014 Thank you sir, Thank you