Short term capital gain

Take the exemption first & the rest amount will amount to Short Term Capital Gain....I.e. 40000

S.Term Capital Gains Tax at special rates @ 10% u/s 111A is payable on Rs 40000/- . STT in case of Capital Asset may be treated as a component of cost or cost of sale.

Section 10(38) of the Income tax Act ,exempts following income: (38) any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund where— (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter

So considering the above you cant take exemption for STCG, but can avail Relief U\s 88E for the STT paid

Mr Sharun,

The  relief u/s 88E will not be available for STT bcoz that  shall be avaliable only in case of business & profession .....

It's a part of Cost..

wht is the current rate of STT?
 

whn amendment came and wht was amendment?

pls tel me

thnx in advance

In my view you should pay tax on

 (i.e. 70,000+80,000= 1,50,000

Less Investment made during the year

= Balance amount This will be taxable).

Thanks

Praveen