Short term capital gain tax
This query is : Resolved
Shruti Jain
(Querist)
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
(Querist)
03 March 2008
please solve as soon as possible.
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
(Expert)
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
(Querist)
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
regards
pushpendra
(Expert)
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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