STCG
This query is : Resolved
Ganesan Chandramouli
(Querist)
20 November 2010
Is STCG applicable if I re-invest the profit back into equities with 1year?
Aditya Maheshwari
(Expert)
20 November 2010
yes
Ganesan Chandramouli
(Querist)
20 November 2010
Thanks.
So I pay STCG as per AY rule. After paying STCG, Do I need to include this profit into my taxble income to calulate tax?
So I pay STCG as per AY rule. After paying STCG, Do I need to include this profit into my taxble income to calulate tax?
CA.Madhusudan B.P.
(Expert)
20 November 2010
At the time of filing the Income tax return, also include Short term Capital gain, along with Salary, House property income, Business /professional & other income If any.
On the total income as computed above, compute the income tax liability.
On the total income as computed above, compute the income tax liability.
Ganesan Chandramouli
(Querist)
21 November 2010
Thankyou & Kindly bear with me(new comer in equities & stock market...)
Query: So I pay STCG Tax as per AY rule & also include the STCG (profit) into my taxable income to calculate tax liability.
Query: So I pay STCG Tax as per AY rule & also include the STCG (profit) into my taxable income to calculate tax liability.
CA.Madhusudan B.P.
(Expert)
21 November 2010
Short term capital gain tax means part of income tax only.
There is no separate STCG tax as such.
Include the short term capital gain alongwith your regular income & then arrive at gross total income, avail all deduction under chapter VI, the amount is taxable total inocme.THen compute income tax liability, pay the taxes (advance tax if any) and file the IT return.
Hope it is clear.
There is no separate STCG tax as such.
Include the short term capital gain alongwith your regular income & then arrive at gross total income, avail all deduction under chapter VI, the amount is taxable total inocme.THen compute income tax liability, pay the taxes (advance tax if any) and file the IT return.
Hope it is clear.
Aditya Maheshwari
(Expert)
22 November 2010
Tax on STCG to be paid u/s 111A @ 15% and not as per slab rates applicable to you..
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