Short Term Capital Gain
This query is : Resolved
Ashish Joshi
(Querist)
05 October 2009
Hi,
Can anybody please provide me Short Term Capital Gain Income Tax Percentage. Also please clear me short term capital gain concept.
Can anybody please provide me Short Term Capital Gain Income Tax Percentage. Also please clear me short term capital gain concept.
Manmohan ACA, CS
(Expert)
05 October 2009
Short Term Capital Asset (STCA) [Sec. 2(42A)]
It means a capital asset held by an assessee for not more than 36 months immediately before the date of transfer. However, in the following cases, an asset will be termed as a short-term capital asset if it is held for not more than 12 months immediately before the date of transfer:
• Equity or preference shares in a company, whether quoted or not.
• Any security e.g. debenture, Government securities, etc. listed in a recognized stock exchange in India.
• Zero-Coupon Bonds (w.e.f. A.Y.2006-07 – discussed later in this chapter)
• Units of UTI (whether quoted or not).
• Units of mutual funds approved u/s 10(23D) of the Act.
Note: As per Sec.50, any gain on transfer of a depreciable asset shall be taxable as short-term capital gain (irrespective of their period of holding). Depreciable asset means an asset on which depreciation has been allowed to the assessee under the Income-tax Act
Tax rate
If STT paid- Normal slab
STT not paid - 15%
It means a capital asset held by an assessee for not more than 36 months immediately before the date of transfer. However, in the following cases, an asset will be termed as a short-term capital asset if it is held for not more than 12 months immediately before the date of transfer:
• Equity or preference shares in a company, whether quoted or not.
• Any security e.g. debenture, Government securities, etc. listed in a recognized stock exchange in India.
• Zero-Coupon Bonds (w.e.f. A.Y.2006-07 – discussed later in this chapter)
• Units of UTI (whether quoted or not).
• Units of mutual funds approved u/s 10(23D) of the Act.
Note: As per Sec.50, any gain on transfer of a depreciable asset shall be taxable as short-term capital gain (irrespective of their period of holding). Depreciable asset means an asset on which depreciation has been allowed to the assessee under the Income-tax Act
Tax rate
If STT paid- Normal slab
STT not paid - 15%
Juzer Sadikot
(Expert)
15 October 2009
Dear Manmohan Sir,
Perfect, I would just like to add one more tax rate.
Rate of 20% in case of NRI having Short Term Capital Gains from Foreign Exchange Assets as defined u/s. 115C(b). Eg. STCG on transfer of Shares of Indian Company/other sec (other than u/s. 111A).
Plz add if other expert find something interesting.
Thanx
Perfect, I would just like to add one more tax rate.
Rate of 20% in case of NRI having Short Term Capital Gains from Foreign Exchange Assets as defined u/s. 115C(b). Eg. STCG on transfer of Shares of Indian Company/other sec (other than u/s. 111A).
Plz add if other expert find something interesting.
Thanx
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