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Anomaly in Sec 111 A
March, 15th 2008
This refers to the proposal contained in the Finance Bill, 2008 providing for 15% rate of income-tax on short-term capital gain as against 10% rate effective from the Assessment Year 2009-10.

An unintended hardship and anomaly has crept in with the proposed change. This is because the aim of providing a lower rate of income tax on short-term capital gain in respect of equity shares, etc., under Section 111 A of the Income-Tax Act was to provide relief to the taxpayers from higher rate of tax which might otherwise become leviable if such short-term capital gains were to be taxed like any other income as a part of the total income.

I, therefore, request the finance minister to remove this anomaly through suitable amendment of Section 111 A so that the tax payable on short-term capital gain on equity share in any case does not exceed the income tax otherwise payable by the taxpayer.

R N Lakhotia
 
 
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