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.........
Agree with sumit
Even i agree with SUMIT..................
he is not liable to pay tax
Not laible to pay tax
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
| 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 |
" |
agree
If transaction is covered by STT( means Securities transaction is paid) then it will chargeable to flat rate of 15%.as per sec.10(33).
Pls clear if wwrong.
STCG = 1lac
No ther income tax will be 15% of 1lac= 15000+ Cess..........
Flat rate =15% (1.5Lac limit)
CAclubindia
