I am an individual with gross total income of 680000 which include short term capital gain from selling shares of Rs 28000. I am told i have to pay STCG 15% , does it mean i count 15% on 28000 and subtract this amount from total income i.e. 680000-28000=652000 and calculate income tax on 652000 seprately.
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Income tax on STCG
Replies (4)
Correct.
The same will be calculated by income tax utility for ITR 2 or ITR 3, whichever applicable to you.
Tax rates of STCG
STCG covered under section 111A is charged to tax @ 15% (plus surcharge and cess as applicable). Normal STCG, i.e., STCG other than covered under section 111A is charged to tax at normal rate of tax which is determined on the basis of the total taxable income of the taxpayer.
Yes, Correct
Yes 80 C to 80 U is also to be considered.
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