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This query is : Resolved

Rakesh Sharma (Querist)

04 June 2013 Dear Sir, I want to know the Income Tax liability with rates on the following occasions :-
1) Shares purchase & sale on the same day
(F & O)
2) Shares purchase & sale on different day. 3) Sales of shares which are hold above
1 year. ( a. If STT paid b. if not paid) 4) Can we claim LTCL.
5) In which case I have to get my accounts
audit.

Experts are requested to solve the query as per Serial Nos.

Thanks

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)

05 June 2013 1) Its speculation income. Taxable at normal slab rate.
2) it's capital gain (unless you are in broaking business). if short term and STT is paid then taxable at 15%
3) If holding period is more than 1 year and STT is paid the it is exempt. In case loss it can not be set of hence loss can not be claimed. If STT is not paid it is not exempt. It is taxable @10% without Indexation benefit or @20% with Indexation benefit at the assessee's option. in case of loss it can be claimed.
In case you purchase and sell on the same day and you sale exceeds Rs. 1,00,00,000 then you have to get books audited.

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