STT
This query is : Resolved
Ganesan Chandramouli
(Querist)
19 December 2010
I read the below statement in a chain of queries; If the below is right, Where do I account this INR250 in the ITR 2/3?
Statement from CAclubindia queries;
"STT is a form of tax then can we deduct it from short term capital gain tax arrived @ 15%?? For example if STCG tax comes to Rs. 1000 and STT deducted as shown in contract notes is Rs. 250 then can we deduct this Rs. 250 from Rs. 1000 and say net short term capital tax liability as Rs. 750??"
Statement from CAclubindia queries;
"STT is a form of tax then can we deduct it from short term capital gain tax arrived @ 15%?? For example if STCG tax comes to Rs. 1000 and STT deducted as shown in contract notes is Rs. 250 then can we deduct this Rs. 250 from Rs. 1000 and say net short term capital tax liability as Rs. 750??"
20 December 2010
If Capital Gain - Then 111A
If PGBP - Then S.36(1)(xv)
In ITR Disclose Accordingly
Regards
Ankit Gulgulia
If PGBP - Then S.36(1)(xv)
In ITR Disclose Accordingly
Regards
Ankit Gulgulia
Ganesan Chandramouli
(Querist)
20 December 2010
It not clear to me!!
Where do I account (show) this INR250 in the ITR 2/3?
Where do I account (show) this INR250 in the ITR 2/3?
CA PARAS BAFNA
(Expert)
20 December 2010
Dear Ganesan,
STT can not be deducted from STCG Tax.
STT can not be taken as a part of either cost of acquisition or as a part of Expenditure on Transfer in case you are showing Capital Gains on transfer of shares.
As such you have to pay full Tax i.e. RS.1000
However if you are showing the activity as trading in shares, then only STT can be claimed as an expense. As such, STT can not be adjusted against the tax liability.
STT can not be deducted from STCG Tax.
STT can not be taken as a part of either cost of acquisition or as a part of Expenditure on Transfer in case you are showing Capital Gains on transfer of shares.
As such you have to pay full Tax i.e. RS.1000
However if you are showing the activity as trading in shares, then only STT can be claimed as an expense. As such, STT can not be adjusted against the tax liability.
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