Hi I have query suppose I am trading with any person on profit sharing basis . And if he demand 60:40 then how can I pay as I am already paying 30% tax and short term capital gain is also 30% taxable after giving 40% to him I left with very less. Any way to tackle that situation . I am salaried employee
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Need help on taxation
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60: 40 is the ratio for sharing profits between you & him. i.e. both of you jointly earn say 100 Rs. After division you get say Rs. 40/-
Now 30% tax will be charged over this Rs. 40 gain, which will be around Rs. 12/-
Finally net gains in your hands after taxation will be Rs. 28/-
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