Claiming STT and commission for past financial years

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Hi,

I had a query.

Since this is my first post to this forum, im very excited and looking forward to guidance from the qualified people here.

So I understand that commissions and STT end up getting deducted from STCG. Now my question is, for the past three years I have failed to mention the commisions and STT I have paid on my share transactions. But now I would like to benefit from those, is it possible now? If yes, how?

Thanks and regards!

Replies (10)

Income Tax is payable on the income u earned in the previous year (Financial Year). Any expenses incurred in connection with the income earned is allowed as deduction. But, it should be related to the same previous year.

Iam afraid u cant claim it 

:( Too bad!

Anyway, thank a tonne ... im impressed it was a very prompt reponse. :)

I dont think STT can be deducted from Capital Gains. if you are in the business of Share trading then u can claim it as an expenditure

Hey thanks for your response but what do you exactly mean by "can claim it as an expenditure"

Hi

No deduction shall allowed in respect of STT, in respect of transfer of equity shares & units of Equity oriented fund, paid by the assess while computing taxable capital gains  -proviso to Section  - 48

If an assessee treats share trading as its Business Income such as in the case of Speculative share transaction then the assessee can claim i.e. deduct from its total profit on share transaction the expenditure incurred on STT.

Hmmm so what happens in my case where I have a regular income from my job ,,, and im dabbling in shares?

To put things in perspective say i have a STCL of Rs 12000 ,,, and spend Rs 3000 on STT thruouy the year on STT/commissions ... can i offset me STCG for Rs 12000 + 3000 = Rs 15000 next year?

Im sorry im having yo ask his multiple times but I wnt to make sure I understand it

 

 

Hmmm so what happens in my case where I have a regular income from my job ,,, and im dabbling in shares?

To put things in perspective say i have a STCL of Rs 12000 ,,, and spend Rs 3000 on STT thruouy the year on STT/commissions ... can i offset me STCG for Rs 12000 + 3000 = Rs 15000 next year?

Im sorry im having yo ask his multiple times but I wnt to make sure I understand it

 

 

if there is Short term capital Loss you cannot set off STT against it. You can only Claim STT as expenditure if you have shown share trading as your business. in case where a person has regular income from salary he cannot be showing trading in shares as his business income hence STT cannot be claimed. so to answer your query he can only claim loss of RS. 12000/-

Hey thanks everyone for your answers .. it has helped me a lot ! :)


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