Dear all,
What is new tax rate for Capital gain applicable in P.Y 2009-10.
Regards,
Mukund Patel
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CAPITAL GAIN TAX RATE
Replies (4)
Tax on Short Term Capital Gains:
-
Under Section 111A:
Short term capital gains arising on transfer of Equity Share or Units of an Equity Oriented Mutual Fund on satisfaction of the following conditions would be taxable @ 15% from AY 2009-10 onwards
-
In any Other Case:
The Short term capital gains shall be computed after including same in Total Income and charging Tax as per assessee specific Slab Rates.
Tax on Long Term Capital Gains:
-
Under Section 112:
Any Long term Capital Gains made by an assessee other than on transfer of listed securities on any recognized stock exchange or units of UTI/ Mutual funds covered u/s 10(23D)/ Zero Coupon Bonds shall be taxed under this section at a flat rate of 20% in case of any assessee. However in case of Long term capital gains u/s 115AB, 115AC, 115AD and 115AE the rate of tax shall be specified @ 10%.
-
In case of transfer of listed securities on any recognized stock exchange or units of UTI/ Mutual funds covered u/s 10(23D)/ Zero Coupon Bonds:
The Long term capital gains shall be computed as minimum of the following:
-
Tax @ 20% on Long term capital gains computed after indexation of cost of such shares, securities or units;
OR
-
Tax @ 10% on Long term capital gains computed without indexation of cost of such shares, securities or units.
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Long Term Capital gains in case of transfer of Listed equity shares or units of equity oriented mutual funds on or after October 1st’ 2004 is exempt u/s 10(38).
PLEASE NOTE:
-
Deductions from Section 80C to 80U shall not be available in case of long term & short term capital gains both.
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Listed securities means securities as defined in Sec 2(h) of The Securities Contracts (Regulation) Act’ 1956 and listed in any recognized stock exchange in India.
Thanks :)
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