Tax on short-term capital gain if securities transaction tax is applicable & Paid
Then individual or HUF can claim benefit of basic exemption plus Chapter VI
A deduction form such short term capital gains
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 15 December 2017
Yes... He can avail the deductions.
Mahesh
(Student CA IPC / IPCC)
(67 Points)
Replied 15 December 2017
Short term capital gains which attracts 15% flat rate of tax know then how can it. She/ He avails deduction or basic exemption limit sir
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 15 December 2017
A resident individual/HUF can adjust the STCG covered under section 111A against the basic exemption limit but such adjustment is possible only after making adjustment of other income. In other words, first income other than STCG covered under section 111A is to be adjusted against the exemption limit and then the remaining limit (if any) can be adjusted against STCG covered under section 111A.
Chapter VIA Deductions can not claimed against STCG (111A)
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 15 December 2017
Yes... I agreed to Mr CA Mayor....
Sorry for wrong understanding myself.
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