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capital gain ????

anoop (MBA (Finance), CA-PCC) (93 Points)

28 October 2009

plz tell me.......

if a person has short term capital gain from shares of Rs 50000. and he do not have any other source of income...

then is he liable to pay tax.......?????

if yes then how the tax will be calcuated.......i.e. at a flat rate of 15%.......... or exemted upto Rs1.5lacs and then taxable........

plz reply.........

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8 Replies

Sumit Grover (Chartered Accountant ) (3652 Points)
Replied 28 October 2009

IN THIS CASE NO TAX WOULD BE PAYABLE BY THE ASSESSEE

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM) (5015 Points)
Replied 28 October 2009

Agree with sumit

Sandeep Pandey (CA FINAL) (1306 Points)
Replied 28 October 2009

Even i agree with SUMIT..................

Batul (Article assistant) (207 Points)
Replied 28 October 2009

he is not liable to pay tax

ashish gupta ( student) (1922 Points)
Replied 28 October 2009

Not laible to pay tax

Deeps (Article Assisstant) (2485 Points)
Replied 28 October 2009

SHORT TERM CAPITAL GAINS TAX IN RESPECT OF EQUITY SHARES/UNITS OF AN
EQUITY ORIENTED FUND REDUCED TO 15% [SECTION 111A]

The proviso to this section provides that in the case of resident individuals or HUF, if the
basic exemption is not fully exhausted by any other income, then the short-term capital gain
will be reduced by the unexhausted basic exemption limit and only the balance would be taxed
at 15%. However, the benefit of availing the basic exemption limit is not available in the case
of non-residents

CA Trinath Galla (student) (3130 Points)
Replied 28 October 2009

Originally posted by :Deepika.R.
"	SHORT TERM CAPITAL GAINS TAX IN RESPECT OF EQUITY SHARES/UNITS OF AN EQUITY ORIENTED FUND REDUCED TO 15% [SECTION 111A] The proviso to this section provides that in the case of resident individuals or HUF, if the basic exemption is not fully exhausted by any other income, then the short-term capital gain will be reduced by the unexhausted basic exemption limit and only the balance would be taxed at 15%. However, the benefit of availing the basic exemption limit is not available in the case of non-residents	"