Income tax
yogesh (student) (151 Points)
15 April 2017
Sir
one of client has acquired the shares of rs.195000 which is shown in 26as.
is this taxable or non taxable
4 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 16 April 2017
Nowadays , 26AS reflects transactions where assessee has applied in IPO above a certain limit. So if this is the case , there is no such taxability on acquisition.
yogesh
(student)
(151 Points)
Replied 16 April 2017
when i open form 26as in the part E box it is shown as shares acquired 100,000/- and in amount column it is shown as 195075.what is AIR Transactions and how to deal in the income tax with that air transaction,
and sir one more quiry.
if a taxpayer have made a deposit in post office of rs.100,000. in that case we can claim a deduction of rs.100,000/- ?
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 16 April 2017
AIR refers to Annual Information Report. In your case, nothing to be done for share purchase from the tax standpoint as it is only purchase.
Only a 5 year time deposit with post office is allowed as deduction under sec 80C. Max limit is Rs.150000
Only a 5 year time deposit with post office is allowed as deduction under sec 80C. Max limit is Rs.150000
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