I have a query regarding short term capital gain tax. If my taxable income is 150000 i dont have to pay any tax since it is less that 160000. Now what if I had made a profit of 5000 rupees as short term capital gain from sale of shares. Do I need to pay a short term capital gain tax of 15% on this profit even though my total income in this case would only be 155000?
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Income tax and short term capital gain
Replies (8)
I dont think that u will hv to give any tax as:
5000-(160000-(155000-5000)) =-5000,hence not taxable.
Agree with gaurav
| Short-term Capital gains tax | Long-term capital gains tax | |
| Sale transactions of securities which attracts STT:- | 10% | NIL |
| Sale transaction of securities not attracting STT:- | ||
| Individuals (resident and non-residents) | Progressive slab rates | 20% with indexation; 10% without indexation (for units/ zero coupon bonds) |
| Partnerships (resident and non-resident) | 30% | |
| Individuals (resident and non-residents) | 30% | |
| Overseas financial organisations specified in section 115AB | 40% (corporate) 30% (non-corporate) |
10% |
| FIIs | 30% | 10% |
| Other Foreign companies | 40% | 20% with indexation; 10% without indexation (for units/ zero coupon bonds) |
| Local authority | 30% | |
| Co-operative society | Progressive slab rates |
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
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