U/s 111a
This query is : Resolved
28 July 2012
I have income of Rs 150000 and short term capital gain tax of Rs 8000 under Section 111 A i.e sale of shares can you please advse how tax is to be calculated
29 July 2012
According to section 111A you need not to pay any short term capital gain tax based on information provided by you.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
29 July 2012
Sir your total income i.e. 150000+8000 donot exceed exemption limit and hence no tax is payable. However if the case was 150000+40000 than you would be liable for special rates of taxes u/s 111A at Rs. 10000/- only(in case of limit of 180000/-)
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