Capital gains tax on mutual fund/liquid fund

Ok I am giving 2 scenarios and would like some clarification regarding the same.

Scenario 1: My income comes under not taxable category after 80c deductions. Now I have invested in liquid funds. Having earned some short term capital gains which even after adding to total income is not taxable. Now I only need to pay advance tax 15% on the short term gain earned from the liquid fund. Which will be refundable if I file returns?

Scenario 2:  My net taxable income comes under 10% tax bracket after 80c deductions. I have invested in liquid funds. Having earned some short term capital gains which after adding to total income is taxable. So now I pay 10% tax on this income + pay advance tax 15% on the short term capital gain= 25% total tax on the income from liquid fund, am I correct?

Replies (1)

In respect of scenario two you will have to deduct Short term capital gain out of your net taxable income after considering 80 C deduction . on that amount you will hav to pay 10 % & for shaort term capital gain you will have to pay 15% .

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