Refund of Securities Transaction Tax

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Mohd Sarfaraz Latibani (Querist)
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06 January 2009 My stock broker charged a sum of Rs.25000 towards Securities Transaction Tax and issued me a certificate. I want to know can i claim this amount refund as I am not liable to pay Tax.

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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07 January 2009 STT and Income Tax are two different taxes.

There is no relation in between the two. The STT which u have paid is allowed as business expenditure provided u r showing share income under the head "Profits/Gains from Business and Profession"

Rashmi

Rashmi (Expert)
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07 January 2009 You can claim STT as an expense only if you are carrying out the business of trading in shares and you are filing the income tax return accordingly. If you file your return and show no profit or loss that is also allowed.
but the essential condition is that you become a trader in shares and securities and note that in future this becomes as a precedent for you.

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