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Significance of sec111A and sec112 w.r.t.income tax act 1961 ?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Amit Chauhan asked over 2 years ago

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Open uri20170510 32134 1l5oc0j?1494421700 Al Sufi answered over 2 years ago

**TAX ON SHORT TERM CAPITAL GAIN IN CERTAIN CASES** Any STCG arising from `transfer of an equity share in a company or a unit of equity oriented fund or business trust` shall be liable @15% if (a) `Transaction of sale took place from Recognized stock exchange` (b) `SUCH TRANSACTION Chargeable to STT` **TAX ON LONG TERM CAPITAL GAIN** Any LTCG arising from `transfer of an long term capital assets` shall be liable @ 20% **IMPORTANT** **TAX ON STCG AS PER SECTION 111A** IF THE TOTAL INCOME OF AN ASSESSEE INCLUDES SUCH STCG & OTHER OTHER INCOME `THE TAX PAYABLE WILL BE ON AGGREGATE` AS 1) 15% on STCG 2) AMOUNT OF INCOME TAX PAYABLE ON BALANCE AMOUNT OR IF THE BASIC EXEMPTION LIMIT IS NOT EXHAUSTED BY ABOVE AGGREGATE THEN TAX PAYBALE WILL BE STCG - BASIC EXEMPTION LIMIT * 15% **TAX ON LTCG AS PER SECTION 112** IF THE TOTAL INCOME OF AN ASSESSEE INCLUDES SUCH LTCG & OTHER OTHER INCOME `THE TAX PAYABLE WILL BE ON AGGREGATE` AS 1) 20% on LTCG 2) AMOUNT OF INCOME TAX PAYABLE ON BALANCE AMOUNT OR IF THE BASIC EXEMPTION LIMIT IS NOT EXHAUSTED BY ABOVE AGGREGATE THEN TAX PAYBALE WILL BE LTCG - BASIC EXEMPTION LIMIT * 20%

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