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Discussion > Income Tax >

short term capital gain tax not covered by section 111a

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articled


[ Scorecard : 31]
Posted On 30 October 2009 at 05:10 Report Abuse

short term capital gain are of two types according to income tax. first one is short term capital gain covered by section 111a and second one not covered by section 111a. The STCG which is covered by sec 111a related to shares and debentures and other securities registered in stock exchange which have tax rate @ 15%. The STCG which is not covered by sec 111a may be like sale of house property in less than 36 months. I want to ask what is the rate of tax of second type of STCG i.e which is not covered by section 111a?


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CA KRIPA HARISH
CHARTERED ACCOUNTANT


[ Scorecard : 331]
Posted On 30 October 2009 at 08:13

hi sushil thier is no effective rate for STCG other than Sec.111A it is taxed according to the total income of a person in Slab Rate System.





srmanas
articled student


[ Scorecard : 55]
Posted On 30 October 2009 at 12:16

STCG u/s 111A - taxed @ 15% as per Income Tax Act.

STCG other than 111A- Will be included will other head of incomes under the head Capital gains and taxed as per normal rate of Finance Act.




Phani
CA FINAL STUDENT


[ Scorecard : 24]
Posted On 31 October 2009 at 18:00

 hiiii

Short term Capital Gain other than covered u/s 111A is charged at the normal rates by including with the other heads of Income..............




Rohit
Student


[ Scorecard : 57]
Posted On 02 November 2009 at 00:08

It will be calculated as per normal slab rates.




CA Balram Sharma
CA


[ Scorecard : 839]
Posted On 04 November 2009 at 12:04

YES I AGREE AS MENTION ABOVE STCG OTHER THAN 111A WILL BE TAXABLE AS NORMAL TAX RATE,

IF ASSESSE IS INDIVIDUAL RESIDENT SLAB BENEFIT WILL TAKE

OTHER WISE NORMAL TAX RATE WILL BE APPLICABE

 

 




Deepak
Student


[ Scorecard : 127]
Posted On 20 November 2009 at 18:01

hey Sushil

I want to correct u tht STCG u/s 111A does not cover Debentures! hence taxed according normal rate of tax

 




CA Devanshi Gandhi (Ajani)
ACA DISA Mcom CIFRS & LLB


[ Scorecard : 8942]
Posted On 20 November 2009 at 18:22

 according to the normal tax slab




kabirsen
student


[ Scorecard : 251]
Posted On 21 November 2009 at 00:15

 slab rate available only in case of resident assessee




Raja Simon
aa


[ Scorecard : 28]
Posted On 25 November 2009 at 07:47

Also, we can shift income u/s111A when our other income is less than basic exemption limit. But once shifting is done, the STCG u/s111A will be taxed at 10% and not 15% as the finance act is yet to be amended. But when there is no shifting, 111A income can be taxed at 15%.


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