Rajat (India) (76 Points)
16 March 2010Hi All,
For FY 2009-10
I have a salary income of 1,20,000
Business Income (Futures & Options ) - 1,30,000 (After Expenses)
Short Term Capital Gain from Land - Rs. 2,50,000
Will I be liable to pay tax at higher slab or it will remain 10% as short ter capital gain is there?
Amir
(Learner)
(4016 Points)
Replied 16 March 2010
Dear Rajat,
For FY 2009-2010, Exemption Limit is Rs. 1,60,000
Nw, ur Salary = 1,20,000
PGBP = 1,30,000
STCG = 2,50,000
------------------
GTI 5,00,000
Less Deduction Nil (assumed)
--------------------
Total income 5,00,000
----------------------------
Computation of Tax Upto 1.60,000 - Nil
From 1,60,000 to 3 Lacs - @ 10% = 14,000
From 3 Lacs to 5 lac - @ 20% = 40,000
----------------
54,000 (+Education cess @ 3%)
In short STCG on sale of Lansd is treated as Ordinary Income.
C.Balaji
(Learner)
(1867 Points)
Replied 16 March 2010
Yes.....Amir brother is rite...........
STCG on sale of land is treated as Ordinary Income.....and taxed at slab rates and not special rates....
STCG on sale of shares is taxed at a flat rate of 15%.......
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 March 2010
Yes STC gains other than u/s 111A is taxable under slab rates and STC Gains u/s 111A taxable @ 15%
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