Income from Salary and Investing and Trading in Stock
This query is : Resolved
Naveen Arora
(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.
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.
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
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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