Old Shares purchased (date not known)sold during the F.Y.2014-15.Will the profit attract Income Tax under:-
a.short term or long term capital gain?
b. Rate of income tax
c. How to compute the profit?
d. If security transcation tax paid,will income tax arise for the profit?
Please guide.
date of acquistion will determine short term or long term gain......but if STT paid on long term no need to take into total income as it is exempt u/s 10(38).....but if STT paid on short term it is taxable @ 15%
PARV & Co.
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K R Kiran Kumar & Associates
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Murali and Sumeet Chartered Accountant
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CCI
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