What is Taxable amount in Releif of 111A????

Relief u/s 111A says Exemption limit - ( Taxable income - Short term Capital Gain)....in your case ther amont comes under releif is rs. 140000 so now,

Your Taxable income from STCG is Rs. 185000,

out of Rs. 185000 Rs. 140000 will be taxable @ 10%( This is bcoz your GTI is exceeding Rs. 3lakhs)

and balance i.e Rs. 45000 will be taxable @ 15%

so your tax liability is.   14000+6750=20750

Add: Ed Cess+HEC @ 3%                  623

Your Tax Liability                                = 21370( Rounded off)...

Seniours plz correct me if i m wrong...Thank you.....                           

Ya Rohit.. i knw it is taxable @ 15%.. but i'm asking about relief??..in the book it is given tht under relief it is taxable @ 10% to the extent basic exemption limit.........ya punit even i think your answers is correct man...but we both are confuse na tht wht is d correct answer...plz seniors help us in this doubt....

Originally posted by : Rohit Kapoor
	I dont agree with u...in the above question other source income will be taxable @ 30percent and stcg 185000 will be taxable @ 15 percent

Rohit how come income from other sources is taxable @ 30%?? gti is rs.345000 and 30% is rate is above 5lakhs...except income from winning from lotteris and speculative profit of horse race......

Originally posted by : Shamika
	Mr. X is Having Income from other sources rs. 20000, Short term Capital gain is rs. 325000( sec 111A)....now my question is what is the tax liability of mr. x in this case? for F.Y 2009-10..read with relief of sec. 111A.....plz help me...bcoz i m very confused abt tht relief....thanks in advance...

In this case, assuming that Gross Total Income = total income

Total Income = 325,000+20,000 = 345,000/-

Assuming Mr X is a resident for the Financial Year, he is eligible to adjust the unexhausted basic exemption limit against the STCG u/s 111A

In this case, Other income = 20,000

Adjustment of STCG against unexhausted Basic exemption limit = 140,000

Balance STCG taxable @ 15% = 345,000-140,000 = 185,000

Tax on above =                                                       27,750

Add 2% Education cess =                                          555

Add 1% Secondary and Higher education cess = 277.5

Total tax and cess payable =                                28,582.5

Rounded off u/s 288B =                                         28,580.0

And the book does not appear correct.

because in the act, the proviso for "relief'" has been marked with an (*) and the footnote says

The words "ten percent" need be substituted with the words "fifteen percent"

Even though the Finance bill of 2008 missed it, the rate for residents covered by the proviso is also 15%. 10% was the earlier rate.

Originally posted by : G.K.
	Originally posted by : Shamika Mr. X is Having Income from other sources rs. 20000, Short term Capital gain is rs. 325000( sec 111A)....now my question is what is the tax liability of mr. x in this case? for F.Y 2009-10..read with relief of sec. 111A.....plz help me...bcoz i m very confused abt tht relief....thanks in advance...   In this case, assuming that Gross Total Income = total income Total Income = 325,000+20,000 = 345,000/-   Assuming Mr X is a resident for the Financial Year, he is eligible to adjust the unexhausted basic exemption limit against the STCG u/s 111A In this case, Other income = 20,000 Adjustment of STCG against unexhausted Basic exemption limit = 140,000 Balance STCG taxable @ 15% = 345,000-140,000 = 185,000   Tax on above =                                                       27,750 Add 2% Education cess =                                          555 Add 1% Secondary and Higher education cess = 277.5 Total tax and cess payable =                                28,582.5 Rounded off u/s 288B =                                         28,580.0   And the book does not appear correct. because in the act, the proviso for "relief'" has been marked with an (*) and the footnote says The words "ten percent" need be substituted with the words "fifteen percent" Even though the Finance bill of 2008 missed it, the rate for residents covered by the proviso is also 15%. 10% was the earlier rate.

totally agree tax liablity comes Rs. 28580 /-

Mr. G.K thanks for your reply... 

areh no rohit....in the taxation book of mr. singhania...it is written as 10% if u take the relief....and we have a book of A.Y 2010-11 with the amendments...and overthere specificaly written at it is not taxable @ 15%....we r still confused abt tht answer...if u have tht book then check it out....thanks

no i request you to visit this forum.. and see tht calculation overthr...and thats y we r confused...and see overthr everyone have said tht calculation of bhavin bhadra is correct...so just check it tht and now see this problem...