Capital Gain - Doubts

1. exempt u/s 10(38)

2. 15%

3.slab rate

1. The Rate of LTCG Tax on transfer of listed securities U/s 112 is @ 20% but it should be exempt U/s 10(34) if Securities transaction tax (STT) paid on such LTCG.The STT payable on LTCG by registered broker.

2. The rate of STCG Tax on transfer of listed securities or non listed securities U/s 111A is @ 15%. I should be taxable @ 15% even if STT Paid by registered broker.

3. The Rate of Tax of LTCG on transfer of unlisted securities is @ 20%.

    and the rate of Tax of STCG on transfer of unlisted securities is @ 15%.

4.  The STCL (loss) shall be adjusted against any other income (i.e. Busineess profession, any other STCG, Other Source income etc.)

Loss can't be claim as refund of tax.

Loss under the head 'capital gains' cannot be set-off against income under other heads...

A short-term capital loss can be set-off against any capital gain (whether long-term or short-term )

A long-term capital loss can be set-off only against a long-term capital gain A long-term capital loss in cases where a long-term capital gain is exempt from tax will have no value.

Sorry Dear its my mistake to clear you,

STCL on transfer of securities can't be set of against any other head of income other than Capital gain.

But any other STCL can be set off against income (i.e. Busineess profession, any other STCG, Other Source income etc.)

1. Exempt u/s 10(38), if STT is paid on sale transaction.

2. 15%, if STT is paid on sale transaction. Also can be exempt for the amount by which the total income of resident individual is less than maximum amount not chargeable to tax.

e.g If total income(other than capital gain) is Rs. 1,20,000.

       Short term capital gain Rs.80,000

     Total tax payable- [80,000- (160000-120000)] 15%

3. Tax on sale of unlisted securities if long term u/s 112 is 20%.

  If short term, then as per normal tax rate applicable to assessee.

4. Mr.X will claim short term capital loss, as amount of Rs.1300 is taxable as perquisite at the time the share is alloted. The Cost of aquisition becomes Rs.2400. Now the sale transaction is different from perquisite.

1.. rate on LTCG ON TRANSFER OF LOSTED SECURITIES WILL BE EXEMPT U/S 10{34} OF ITC

2.. RATE ON STCG ON SALE OF SPECIFIED SECURITIS WILL BE 15 %

3...IN CASE OF UNLISTED SECURUTIES

LTCG....20%

STCG...NORMAL INCOME {SLAB RATE }

Thanks for the post. Hi guys, Im a newbie. Nice to join this forum.

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Dear,

1. From the A.Y. 2005-06 on wards any income arising  on long term capital asset being an equity shares of a company , where the transaction of sale of such equity sahres is enterd into  through registered stock broker is exempt u/s 10(38) of the IT Act.  However the long term capital gain on transfer of debt securities attracts the capital gain at special rate of 20% as increased by E. Cess.

2. On transfer of short term capital asset, being an equity share entered into through recognised stock exchange on which STT paid attracts a flat rate of Tax @ 15%  as increased by E. Cess..  However  debt securities attracts at a slab rate of tax.

3. Regarding unlisted securities: Long term capital gains attracts at 20% increased by E. Cess and Short term capital gains attracts at slab rate increased by education cess.

4. Regarding options, the loss on sale of option is not entitled to refund and such short term capital loss cannot be set off with any other income other than capital gain.  As per sec 74 loss relating to STCA is to be set off against gains from long term and gains from any other ST in the same A.Y.  However if such loss cannot be setoff in the same A.Y. can be carried forward for set off and such unabsored loss can be set off against income from capital gains either long term or short term.

Originally posted by : M .K. Jha
	1. The Rate of LTCG Tax on transfer of listed securities U/s 112 is @ 20% but it should be exempt U/s 10(34) if Securities transaction tax (STT) paid on such LTCG.The STT payable on LTCG by registered broker.   2. The rate of STCG Tax on transfer of listed securities or non listed securities U/s 111A is @ 15%. I should be taxable @ 15% even if STT Paid by registered broker.   3. The Rate of Tax of LTCG on transfer of unlisted securities is @ 20%.     and the rate of Tax of STCG on transfer of unlisted securities is @ 15%.   4.  The STCL (loss) shall be adjusted against any other income (i.e. Busineess profession, any other STCG, Other Source income etc.) Loss can't be claim as refund of tax.

Further I would like to add the following:-

The Rate of Tax of LTCG on transfer of unlisted securities is @ 20% if indexation benefit is taken.

The Rate of Tax of LTCG on transfer of unlisted securities is @ 10% if indexation benefit is not taken.