Short term capital gain tax

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Shruti Jain (Querist)
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03 March 2008 My total income is below basic exemption limit. And my total income also comprises of short term capital gain of Rs. 10000 so shall i be liable to pay short term capital gain tax on Rs. 10000.

Shruti Jain

Shruti Jain (Querist)
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03 March 2008 please solve as soon as possible.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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03 March 2008 NO YOU ARE NOT REQUIRED TO PAY ANY TAX ON SHORT TERM CAPITAL GAIN UNLESS AND UNTIL YOU INCOME EXCEEDS THE BASIC EXEMPTION LIMIT .

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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03 March 2008 if ur income exceeds the basic exemption limit then you ahve to pay tax on STCG of Rs. 1000(10% on 10000)

Shruti Jain

Shruti Jain (Querist)
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09 March 2008 does not that means in case of situation where the part of short term gain falls under the basic standard deduction then the remaining amount of it will be taxed at 10%.

regards

pushpendra

pushpendra (Expert)
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09 March 2008 I think it is solved that you need not to any tax is other income is below taxable limit

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