Stock trading income tax

shankar mazumder (stock trader) (49 Points)

28 March 2017  
i do not have any other source of income except for stock market and I am below 60 years. For FY 16-17, I have Rs20,000 as intraday profit, F&O profit Rs 40,000 and Rs5,60,000 as short term capital gain Question: 1. Will I get the basic IT exemption of 0-2,50,000? Yes / No 2. intraday profit + F&O profit = 60,000, hence 2,50,000 - 60,0000 is 1,90,000 of short term capital gain get exempted from income tax. 3. Now Rs 5,60,000 - Rs 1,90,000 = Rs3,70,000 gets taxed at 15%? or it gets taxed in lower rate of 2,50,000-5,00,000 Lacs Income tax slab? 4. Can I invest Rs 1,50,000 under section 80C and get additional income tax deduction and pay lower taxs on the above mentioned Rs 3,70,000? 5. On top of this if I have a long term capital gain from real estate for 7,20,000 for which I have bought CG Bond of 7,20,000, is that enough? does this 7,20,000 gets clubed with any of the above mentioned heads?