Capital gains

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dhairya (Querist)
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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

CA R SEETHARAMAN (Expert)
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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.

dhairya

dhairya (Querist)
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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

CA R SEETHARAMAN (Expert)
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06 July 2016 Only basic exemption is allowed, beyond basic exemption it will be charged at 15%.

dhairya

dhairya (Querist)
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06 July 2016 thank you sir☺

dhairya

dhairya (Querist)
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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

CA. Sunil Gokhale (Expert)
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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%.

dhairya

dhairya (Querist)
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11 July 2016 thnx n what about rebate??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 July 2016 Rebate will be allowed.

dhairya

dhairya (Querist)
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12 July 2016 okaay thank u sirs 😊

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