As per Budget 08-09. Suppose, My Salary income is Rs.150000/- & my Short Term Investment (short term capital gains)is Rs.100000/- what is tax calculation for both Salary & Short Term Capital gain income? Give detail information. Awaiting your valuable guidance.
11 April 2008
Assuming that you have given the taxable incomes and the ST capital gain relates to shares on computation of which comes under section111A, then the salary income is exempt. The ST gain is taxable in accordance with section111A.
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