hello members,
Please help to clarify below queries related to capital gain .thanks in advance
1) Do I need to add the profits earned from short term capital gains selling equity
to the total taxable income ( like salary, interest from bank FDs and NSC...etc) or the short term capital gain tax need to be computed separately at 10% ( please confirm whether the tax rate is 10% or 15% ? .Also whether the education cess need to paid for short term capital gain or not ? )
For example : Lets say the total taxable income(from salary, bank FD.. etc , after taking care of deductions under 80C/80D) is 9,50,000 and the short term gain is 1,00,000 .
Do I need to add short term gain of 1,00,000 to 9,50,000 ? or it should be taxed separately ?
2) Is the short term capital gain tax is 10% or 15% for current FY2007-2008
3) For equity related MF , for more than a year , the long term capital gain tax is 0% ( please correct me if it is wrong ) , is it same for debt,liquid,FMP mutual funds ?
thanks
josh
CAclubindia
