Capital gains
This query is : Open
06 July 2016
Sir if I have short term capital gains by sale of shares as my income and I dont have any other income,then how will it be charged to tax? My 250000 limit cab be used to set off tha gain?? or how will that income be taxed taking into consideration basic exmp limit & rebate??? If I have adv tax n tds then what? please reply itz urgent.
Thank you
CA R SEETHARAMAN
(Expert)
06 July 2016
1 Yes your 250000 basic exemption limit can be used to set off gain.
2 You can adjust advance tax and TDS against tax payable.
2 You can adjust advance tax and TDS against tax payable.
06 July 2016
Sir thank you..but isnt it loss of revenue for government as stcg would be taxed at 15% ? and if my income from stcg will be more than 250000 then at what rate will the income be charged 10% or 15%??
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CA R SEETHARAMAN
(Expert)
06 July 2016
Only basic exemption is allowed, beyond basic exemption it will be charged at 15%.
11 July 2016
Sir,
if I have other income of 2L n stcg of 2L... which income will be adjusted first against exmptn limit?? n if other theb will benefir of 50k from stcg be given?? and will I get benefit of rebate?
CA. Sunil Gokhale
(Expert)
11 July 2016
If STCG is from listed securities then the other income of 2L will be adjusted first & 50k from STCG will be adjusted. 1.5L STCG will be taxable @ 15%.
CA R SEETHARAMAN
(Expert)
12 July 2016
Rebate will be allowed.
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