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Income tax on capital gain

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(Querist)
19 June 2010 i have only income of short term capital gain of Rs 120541 is any tax payable on this income

Is intra day gain is taxable under Capital gain or loss

Thanks
Ashok Sharma
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CA Punit

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CA Punit (Expert)
19 June 2010 If you do not have any other income than STCG, then it will not be chargeable to tax as is below basic exemption limit.

Intraday trans. are considered as speculative business since it does not involve delivery of shares.
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hshivakumar

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hshivakumar (Expert)
19 June 2010 till your total income is below the taxable limit under any head of income you need not have to file returns.
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