Anand Sanga (Accounts Executive) (92 Points)
23 August 2011Hi,
I would like to know whether profits/loss earned on trading shares in BSE / NSE will be taxed. Or is it come under Capital Gains
sanju
(Accountant)
(348 Points)
Replied 23 August 2011
it is taxable under the head of capital gains. if you hold share less than 6 months it is shrt term capital gain. more than 6 months long term capital gain
valji
(Accounts manager-MBA)
(2150 Points)
Replied 23 August 2011
IF SOLD WITHIN 1 YAERS THEN SHORT TERM CAPITAL GAIN IF MORE THEN ONE YAERS THEN EXEMPT FROM TAX AS A LOANG TERM CAPITAL GAIN
sanju
(Accountant)
(348 Points)
Replied 23 August 2011
oH! sorry it's my mistake, holding peride to be consider is 12 months , agree with valji
Anand Sanga
(Accounts Executive)
(92 Points)
Replied 23 August 2011
Thanks.
Please provide the method of calculating the Tax Liability on Profit/Loss of Trading of Shares in BSE under Short Term Capital Gain Head.
And how to pay tax araised on Short Ter Capital Gain. I am salaried employee and I am paying Tax on Salaries.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 August 2011
| Originally posted by : Anand Sanga | ||
 |
Hi, I would like to know whether profits/loss earned on trading shares in BSE / NSE will be taxed. Or is it come under Capital Gains |
 |
shares which are sold through demat and suffered security transaction tax are subject to capital gains, as under
1) 1 day to 365 days of holding, ......short term capital gain ( sec 111A), taxable @ 15%
2) 366 days or more - long term capital gain, under sec 10(38) , fully exempted
you have to pay the short term capital gain by challan, or adjust the refundable TDS if any, and submit return.
Anand Sanga
(Accounts Executive)
(92 Points)
Replied 24 August 2011
Thank You.
That means on Net Profit on Total Transactions Tax should be paid u/s.111A @ 15%.
What is the time limit for payment of such tax.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 24 August 2011
captal gain tax should be cleared with advance tax in the quarter of gain, ( if total tax liability is more than 10000 afterTDS), otherwise before due date of return filing.
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