Income from capital gain of shares

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 If Any Person have only income from Capital gain from Shares(STT Paid) and interest from other sources ( Saving bank interest ), then he can file Income tax return or Paid Advanced Tax ? For example if any person earn profit from shares (Short term capital gain) of Rs. 800000 ( 8 lakhs) and interest from saving bank account Rs. 10000 for a period from 1-4-2016 to 31-3-2017 Can he liable for advanced tax and income tax return ?

Replies (9)

Yes for both.

Thank you Sir for help smileyPlease Help in calculating advanced tax and income tax.

Interest from sav acc upto 10K is tax free (deductible u/s. 80TTA). For STCG from shares flat rate 15% tax liability, over and above basic taxable limit.

So, assuming no other taxable income except these two, tax liability over (8.00 L - 2.50 L) = 5.50 L * 15% is 82,500 + 3% cess = 85000. Also assuming the STCG in last 4th quarter, Adv Tax to be paid before 15th March is 85000/- without any interest.

Thank you sir for help smiley and retun filing on or before 31st july 2017 ?

For no audit case, yes.    

Thank you Sir. But if income from capital gain of Rs. 8 lakh arise on 25 march 2017 then what amount of advanced tax paid ? Because capital gain from shares is uncertain then any chance of interst penalty of advanced tax ?

" But if income from capital gain of Rs. 8 lakh arise on 25 march 2017 then what amount of advanced tax paid ?" 

In that case you are allowed to pay advance tax till 31st March, 2017 without interest. if CG arises after 15th March. 

Thank you Sir for solve query of tax.smiley

Most welcome

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