CA Pramod Jain (manager finance) (1577 Points)
07 January 2010if a individual (male and not sr citizen) is having income of rs.159000/- which includes shortterm capital gain rs.30000/- then what will be the tax for fy2009-10.
and in another case if a individual (male and not sr.citizen) is having income of 171000/- including shortterm capital gain rs.30000/- and also invested rs.12000/- u/s 80 c then what will be the tax for fy2009-10.
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
Dear Pramod,
ANSWER WILL DEPEND UPON THE STATUS OF THE INDIVIDUAL
CASE 1 RESIDENT
a) 1,59,000 - The Tax will be NIL
b) 1,71,000 - Answer is same as above
CASE 2 NON RESIDENT
a) 1,59,000 - Tax will be 4500+Education Cess
b) 1,71,000 - Answer is same as above
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 07 January 2010
amir just clarify one thing for fy 2009-10 threshhold exemption limit is 160000/- and short term capital gain tax is 15% then how the tax will come to 900/- in case of resident pl calrify in case of resident status.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 07 January 2010
Hi pramod, in first case taxability is nill
Hi, i clarified, deduction is not available for STCG here in second case, so taxability will be on 11000 as per STCG only....
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 07 January 2010
And for NRI person..., there will be no excess exemtion benefit available to the assessee....
So, 30000 of STCG will be taxable completely
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 07 January 2010
dhiraj thanks for the reply
pl clarify one more thing from stcg income we can deduct thrashold basic exemption limit available but cann't take deduction under chapter via, am i right or not ?
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 07 January 2010
Hi pramod, i think 80C deduction is available, let me just refer some notes and answering this again in few moments...
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
Dear Pramod,
U R RITE, SORRY BROTHER I MADE CACULATION ON THE BASIS OF A/Y 2009-10
YES FOR RESIDENTS INDIVIDUALS & HUF'S STCG u/s 111A CAN BE DEDUCTED FROM EXEMPTION LIMIT BUT ONLY AFTER ALL OTHER INCOMES..AND DEDUCTIONS under Chapter VI A is not allowed for LTCG & STCG u/s 111A
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
Deduction for STCG OTHER THAN 111 A IS AVAILABLE...
SHARES / MF's on which STT HAS BEEN PAID - 111A
Avinash Mishra
(CA Final Group-2)
(50 Points)
Replied 07 January 2010
| Originally posted by : CA Pramod Jain | ||
 |
if a individual (male and not sr citizen) is having income of rs.159000/- which includes shortterm capital gain rs.30000/- then what will be the tax for fy2009-10. and in another case if a individual (male and not sr.citizen) is having income of 171000/- including shortterm capital gain rs.30000/- and also invested rs.12000/- u/s 80 c then what will be the tax for fy2009-10. |
 |
Avinash Mishra
(CA Final Group-2)
(50 Points)
Replied 07 January 2010
| Originally posted by : CA Pramod Jain | ||
|
if a individual (male and not sr citizen) is having income of rs.159000/- which includes shortterm capital gain rs.30000/- then what will be the tax for fy2009-10. and in another case if a individual (male and not sr.citizen) is having income of 171000/- including shortterm capital gain rs.30000/- and also invested rs.12000/- u/s 80 c then what will be the tax for fy2009-10. |
|
see section 111A
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 07 January 2010
SECTION 111A :
[Short term capital gain – (Exemption limit – Taxable income as so reduced)]
Such balance amount of short term capital gain is chargeable to tax.
So, if the above mentioned STCG is falling under 111A then and then only Rs. 11000 (in second case) will be chargeable, othervise deduction is avialable and income tax liability will be nil if its not section 111A
CA Amit Kumar
(C.A., CWA Final)
(251 Points)
Replied 07 January 2010
Tax Calculation in case of a person who is citizen of india (not sr citizen or female)
Case-I, no tax, as the income is less than the threshold limit. (159000<160000)
case-II no tax, as the income is less than the threshold limit. (171000-12000=159000<160000)
Ritesh Jain
(CA, CS in Job)
(675 Points)
Replied 07 January 2010
Hi, The taxability is NIL in both the cases.
Yes, Deduction underchapter VI A is not available for STCG of 111A .so 80C benefit has to be given on income other than STCG. The amount thus derived shall be deducted from Rs 1,60,000. The balance will be cushion for the STCG setoff from basic exemption limit.
Other income-- 1,41,000 i.e (1,71,000-30,000)
Deduction of 80C --12,000
Balance -- 1,41,000-12,000= 1,29,000
now , 1,60,000-1,29,000= 31,000 will be available as STCG cushion.
so, Rs, 30,000/- will not be taxed.
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 07 January 2010
Deduction u/s 80C is available on STCG Except u/s 111A (If STCG generated on transfer of equity shares or units in equity-oreinted mutual fund than deduction u/s 80C will not be available)
CAclubindia
