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Short term capital gain

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I HAVE ONLY INCOME FROM STCG IN SHARES. WHETHER I AM ELIGIBLE FOR THRESHHOLD LIMIT? i.e. WHETHER I CAN REDUCE RS, 250000/ THEAN 500000/- etc. OR I HAVE TO PAY TAX ON FULL AMT. @ 15%? WHETHER I CAN GET EXEMPTIONS SUCH AS INTEREST ON HOUSING LOAN AND CHAPTER VIA?

 

PLEASE ANSWER


Attached File : 1093535 20150529183020 ashok.xlsx downloaded: 138 times
Replies (1)

Since STT is paid on this, STCG is taxable @ 15%. However, relief is available as per proviso to sec 111A (explained below).

No deductions can be claimed u/s 80C to 80U in this case but interest on borrowed capital u/s 24b is deductible.

Relief in some cases (proviso to sec 111A)

Conditions

  1. The taxpayer is a resident individual or a resident HUF. He/it may be ordinarily resident or not-ordinarily resident
  2. Taxable income minus STCG u/s 111A is less than the amount of exemption limit of ₹2.5 lacs

If the above conditions are satisfied, the following shall be deducted from STCG u/s 111A

                Exemption limit – (Net income or taxable income – STCG u/s 111A)

After deducting the above amount, the balancing amount of STCG u/s 111A is taxable @ 15% + EC + SHEC


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