Marglinal relief on tax on capital gain
This query is : Resolved
Surender Singh
(Querist)
15 July 2009
Some time before I asked my queries regarading Marginal relief when person have an income except Captial gain is Rs 9 Lac and his short term capital gain is Rs. 1,20,000/- For F.Y 2008-09. Can he avail marginal relief. Then I get answer that he can get it. But my friend who worked in IT department says when he tried this on Income Tax system . The computer has not given marginal relief. So Plz again clear this query with explanation. Thanks in advance
CA Bosu babu
(Expert)
16 July 2009
see marginal relief talks "when total income exceeds"
so total income included CGs....so he will get MR.....
that provision doesnt differentiate with CG and other income......
just refer any one illustrations given in some tax book.....
so total income included CGs....so he will get MR.....
that provision doesnt differentiate with CG and other income......
just refer any one illustrations given in some tax book.....
taxindiaconnect
(Expert)
16 July 2009
I Agree with the point of view of Bosu on the availability of marginal relief.
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