Income tax and short term capital gain

 I dont think that u will hv to give any tax as:

5000-(160000-(155000-5000))  =-5000,hence not taxable.

 Agree with gaurav

no tax

releif admissible even u/s 112 for long term capital gain also which is taxable @ 15 % flat

No tax is payable as the income including STCG is below Rs 160000.

how to identify short term capital gain on trading of shares & what are the taxes for short term gain & long term gain

 dharmesh,     for trading in shares if the shares are listed on a stock exchange,traded through it then holding for a time gap of 1 year would be considered as long term. shares purchased and sold in a stock exchange are subject to stt(securities transaction tax ) such shares if held for 1 year or more, dont attract any capital gains u/s 10(38). if held for less than 1 year, then it is short term and gains are taxed at 15% rate.

if they are traded else where, the peroid of 3 years holding is considered as long term. they are subject to 2 options of taxation. 10% tax without indexation or 20% tax with indexation, which ever is beneficial to the assesee. anything held  for less than 3 years is considered as short term.

Hi,

i need a clarification on short term capital gain:

Income from other sources : Rs.50 thousands  and Business Profit Rs.4 laks and

Short term capital gain on shares(u/s.111a) Rs.11 laks..deductions (80C) is 1 laks

how to calculate short term capital gain. pl let me know .....how much tax  to pay for the FY.2009-2010.

Regards

Shankar