STCG & LTCG
This query is : Resolved
Shashank Goel
(Querist)
04 December 2007
Situation is as follows:
If someone has earned Rs. 100000/- from STCG i.e from physical delievry of shares system and in the same case someone has a loss of Rs. 75000/- from inter day speculation or u may say jobbing in share market.Will the loss from speculation be set-off with the income from physical delivery???
What is the tax rate for LTCG in shares???Is it free from tax???
Plz solve these querries...
If someone has earned Rs. 100000/- from STCG i.e from physical delievry of shares system and in the same case someone has a loss of Rs. 75000/- from inter day speculation or u may say jobbing in share market.Will the loss from speculation be set-off with the income from physical delivery???
What is the tax rate for LTCG in shares???Is it free from tax???
Plz solve these querries...
04 December 2007
the income earned from physical delivery of shares i.e. Rs. 1,00,000 will come under the head "Capital Gains"
And if the loss is from intra-day (same day) transactions it will come under the head "business and profession" as speculative loss and can be set-off only from speculative incomes.
But if the loss is from inter-day tansactions then it will come under the head "capital gain" as short-term/long-term capital loss and can be set-off against capital gain.
rate of LTCG is 20%(if indeaxtion benefit is not taken then 10% in case of shares) and if STT is provided then it will be totally exempt as per sec112 of the income tax act.
And if the loss is from intra-day (same day) transactions it will come under the head "business and profession" as speculative loss and can be set-off only from speculative incomes.
But if the loss is from inter-day tansactions then it will come under the head "capital gain" as short-term/long-term capital loss and can be set-off against capital gain.
rate of LTCG is 20%(if indeaxtion benefit is not taken then 10% in case of shares) and if STT is provided then it will be totally exempt as per sec112 of the income tax act.
Shashank Goel
(Querist)
04 December 2007
thank u very much sir for d reply...u hv helped me a lot...
Shashank Goel
(Querist)
06 December 2007
CA. GOPAL SONIKA
(Expert)
03 March 2008
already answered
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