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#1
16th April 2006, 04:01 AM
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can u tell me if this still holds
The following has been pasted from the govt of india I.T. website, Can anyone tell me if the exemption limit is still 50000 or is it 1 lakh for section 111A. for the AY 2006-2007
" Exemption limit of Rs. 50,000 in some cases The proviso to section 111A gives relief, if the following conditions are satisfied - 1. The taxpayer is a resident individual or a resident Hindu Undivided Family. He may be ordinarily resident or not ordinarily resident. 2. Taxable income minus short-term capital gain is less than the amount of exemption limit, i.e., Rs. 50,000 for the assessment year 2005-06. Relief If the aforesaid conditions are satisfied, the following shall be deducted from such short-term capital gain. Exemption limit - (Net income or taxable income - Such short-term capital gain) After deducting the aforesaid amount, the balancing amount of such short-term capital gain is chargeable to tax. " 
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