Tax on Short Term capital Gain
This query is : Resolved
15 May 2011
My business income is 3 Lakhs & my short term capital gain on shares (with STT paid) Rs 50000/- My total Income is 3,50,000/- Now question is what is my tax liability & I can deduct my STCG from my basic exemption Rs 1,60,000/-.
15 May 2011
IN YOUR CASE STCG WILL BE TAXED AT CONCESSIONAL RATE OF 15 PERCENT PLUS CESS
SINCE YOUR OTHER INCOME IS WELL ABOVE BASIC EXEMPTION LIMIT HENCE DEDUCTING STCG FROM THIS AMT DOES NOT ARISE
CA MANOJ GUPTA
JODHPUR
09828510543
IN YOUR CASE STCG WILL BE TAXED AT CONCESSIONAL RATE OF 15 PERCENT PLUS CESS
SINCE YOUR OTHER INCOME IS WELL ABOVE BASIC EXEMPTION LIMIT HENCE DEDUCTING STCG FROM THIS AMT DOES NOT ARISE
CA MANOJ GUPTA
JODHPUR
09828510543
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