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Income from Salary and Investing and Trading in Stock

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(Querist)
27 July 2010 Dear Sir
I am a salaried emplyoee and also have long term and short term capital gains on sale of shares through recognised stock exchange and payment of STT.I also have income from trading in Future and Options in Stocks.Please advise what is the tax applicability on Long Term Capital Gains,Short Term Capital Gains and income from Future and Options Trading in stocks.
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srinath

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srinath (Expert)
27 July 2010 since STT is paid on long term capital gain it wil be exempt u/s 10(38).

short term capital gain wil be taxed @ 15% u/s 111A

and income from futures and options wil be taxed as business income
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