Will STCL u/s 111A allowed to be set off against STCG on the sale of a property?
CA Rakesh
(Professional)
(47 Points)
Replied 28 March 2009
STCG from Sale of listed securities i.e, 111A are taxable at special rate (15% from AY 2009-10), whereas STCG other than 111A is taxable as per slab rate....
Then why????
M.M.SURANA
(Director -Taxation )
(532 Points)
Replied 03 April 2009
Mr. Rakesh
Tax on STCG : The Provision of Sec. 111A is applicable from the A.Y. 2005-06, taxable at special rate of tax. This sec. includes 2 points
1. The capital assets i.e. equity shares or units of equity oriented mutual funds on which STT has been charged
2. No deduction is allowable under chapter VIA i.e.. u/c 80C to 80U.
Whereas other STCG on capital asset is not coming under above provisions, hence it is charged at slab rate of tax.
Surana from Chennai
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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