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capital gain tax
Capital gain tax has to be paid for the short selling of shares. I want to know If my income is less than the taxable income (1.5 lakh) including the short term gains, I also has to pay the tax? Please clarify.
Replies (4)
You are entitled to the basic non-taxable limit
If the taxable income other than STCG u/s 111A is less than max amount not chargeable to income tax then, STCG shall be reduced by the amount by which other income fall short of the taxable limit and then tax will be levied on bal amount of STCG @ 10% (which is now 15% as per Fin Act 2008). However this facility is available only to resident individual and HUF.
The assesee gets Marginal relief in case of tax on STCG where his/her regular income does not exceed basic exemption limit.
Thus, no tax liability in ur case
Thus, no tax liability in ur case
No, then there will be no tax
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