if my income is less than the ceiling limit and if I have short term capital gains from trading in shares, and the total of my normal income and short term capital gain do not exceed rs 250000 then, do I have to pay tax? or can I use the ceiling limit for short term capital gain also?
Menu
Ceiling limit?
Replies (1)
A resident individual can adjust the basic exemption limit against STCG covered u/s 111A. Firstly, income other than STCG is to be adjusted against the exemption limit and then the remaining limit (if any) can be adjusted against STCG.
.
15% X [STCG – (Exempted ceiling – Total income excluding STCG)]
.
Hence, if the gain gets adjusted against the balance exemption limit, tax liability will be NIL.
.
[The above position is applicable in case such transactions are for the purposes of investment and income/loss arising therefrom is to be computed under the head CG.]
Recent Topics :
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
Related Topics :
CAclubindia
