# IndigoLearn

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Deductions under chapter VI-A

Can anyone help with this problem?

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80f3d289-75c1-4312-9548-f76fce53195d.jpg

Vysali Pasumarthy

CA Inter

0

06-Apr-21 13:56

56

What is the doubt?

Suraj Lakhotia

06-Apr-21 13:58

Sir, can you tell me the answer with explanation

Vysali Pasumarthy

CA Inter

0

06-Apr-21 14:00

Sir can u view the photo?

Vysali Pasumarthy

CA Inter

0

06-Apr-21 14:01

Sir can u view the photo?

We can view it. Please use the clue given at the end of the question. Compute tax rates using the following data Long-term capital gains tax Except on sale of equity shares/ units of equity oriented fund 20% Long-term capital gains tax On sale of Equity shares/ units of equity oriented fund 10% over and above Rs 1 lakh Short-term capital gains tax When securities transaction tax is not applicable STCG added to income tax return and taxed at applicable income tax slab. Short-term capital gains tax When securities transaction tax is applicable 15 While computing the net taxable income, if the gross total income has: a) Short-term capital gains (STCG) arising out of sale of equity as per section 111A, and b) Long-term capital gains (LTCG) as per section 112, then you cannot claim the deductions under any sections [section 80C to 80U] from these incomes Please compute the tax using above information and show us, we will let you know if you are wrong

sudha reddy

Moderator

06-Apr-21 14:38

Q For swathica She derived long term capital gain and will be taxed at rate of 20% and she will not be allowed deduction of 60000 So her tax liability should be 650000*20% which is 130000 + cess For keerthana Since it is given in question that STCG derived other than transfer of listed equity shares, so she will be taxable at slab rates And elligible for chapter VI-A deduction Therefore her income will be 350000-60000 = 290000 And she will be taxed on 290000 And tax liability will be 2000 + cess

Vysali Pasumarthy

CA Inter

0

06-Apr-21 14:57

for keerthana rebate is applicable since her income is less than 500000 So for keerthana no tax liability

Vysali Pasumarthy

CA Inter

0

06-Apr-21 14:59

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