STCG for total income below 1.6 lacs

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This query is : Resolved

Rakesh Mehta (Querist)

15 September 2010 I have a confusion regarding computation of Short Term Capital Gains tax on sale of stocks traded on BSE and NSE. If my only source of income is through sale of stocks, and I have NO other income source like a salary or anything else, do I need to pay tax on Short Term Capital Gains (for profits made on stocks sold less than a year after purchase), if my yearly net income is below the 1.6 lacs limit? DO these Short Term Capital Gains come under section 111A?

sudhakar ca cwa

sudhakar ca cwa (Expert)

15 September 2010 if ur yearly net income is below the 1.6 lacs limit then u need nt pay the tax

Rakesh Mehta

Rakesh Mehta (Querist)

15 September 2010 Thanks Sudhakar! However, when I was filing my IT Returns online using the TRP available on incometaxindiaefiling.gov.in, it showed my tax liability @ 15%. What do I need to do now? Should I update the generated XML directly and then upload it?

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