STCG

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Ganesan Chandramouli

Ganesan Chandramouli (Querist)
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20 November 2010 Is STCG applicable if I re-invest the profit back into equities with 1year?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 November 2010 yes

Ganesan Chandramouli

Ganesan Chandramouli (Querist)
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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?

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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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.

Ganesan Chandramouli

Ganesan Chandramouli (Querist)
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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.

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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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.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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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