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.
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.
CAclubindia
