Capital gain tax

STCG will be taxable @ 15.45%(inlcuding EC).

FOr LTCG, as per sec 54EC, any long term capital asset in the nature and held for the following period: 

1 year for shares, listed securities, units of UTI, Mutual fund specified u/s 10(23D)

3 years for any other Capital asset

reinvested into the specified assets as stipulated in the section within 6 months of the transfer of capital asset, Following exemption would be granted: LOWER OF CAPITAL GAIN or INVESTMENT MADE subject to Rs 50 Lakhs. Also the new asset should be held for 3 years. 

For further details refer to the following link:

https://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Income%20From%20Capital%20Gains.htm

with regard to the return, i guess a revised return u/s 139(5) is sufficient

Long term gain on shares where STT is paid and its thru recognized stack Exchange is exempt from LTCG Tax,

Short term Capital gain on shares is liable for tax @ 15.45 percent.

However, Short term gain can not be exempted in any section, you have to pay tax for it...

Hey Pallav,  would the LTCG provisions of exemption be applicable in the event of reinvesting the amount back. would section 54 not be attracted?

If  such amount Invested in Residential Property {54F} or in NHAI or RECL bonds {54EC}.

Only then exemption can be claimed.