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Income tax
Sir
one of client has acquired the shares of rs.195000 which is shown in 26as.
is this taxable or non taxable
Replies (4)
only acquired?
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.
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/- ?
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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