Arihant (Business) (207 Points)
14 July 2012What will be tax liablity in following case :
STCG u/s 111A Rs. 2,20,000
Interest income Rs. 80,000
Investments u/s 80C Rs. 1,00,000
in case of resident male individual and what will be your reply if there is also a LTCG (other than shares) of Rs. 80,000.
Mayank Mall
(CA-Final)
(316 Points)
Replied 15 July 2012
Tax on STCG u/s 111A = 10% of 2,20,000 = 22000
Interest Income is Fully Taxable so will be included in your business or income from other sources head.
Investment will be deducted in full (1L) if you have not taken any decution u/s 80C prior to current year.
Tax on LTCG = 20% of 80000 = 16000
Arihant
(Business)
(207 Points)
Replied 17 July 2012
Dear Mayank,
Under 111A, it is mentioned "(2) Where the gross total income of an assessee includes any short-term capital gains referred to in sub-section (1), the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains." then dedcution should be allowed only upto Rs.80,000 u/s 80C ?
Archana Das
(CA Final student)
(622 Points)
Replied 18 July 2012
@ Prince you r rite dedction wil be available for only 80,000
Mayank Mall
(CA-Final)
(316 Points)
Replied 18 July 2012
Am Sorry Sir,
I did not know about this, Infact I tried reading it again but couldn't find such a clause.....either I am missing it or maybe it isn't right now in my part of studies.
Sorry for the Mislead !!!
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 18 July 2012
| Originally posted by : Prince | ||
 |
So Tax is on 40000*15% |
|
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