Hello
I would like to know the complete provision with respect to tax on sale of shares(short trem), when do I have to pay it..can I pay it and file ITR before 31.07 or at the time when I realised the gain on shares
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Short term capital gain tax on shares
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Short term capital gain on sale of shares in which Security Transaction Tax paid will be taxable at flat rate of 15% u/s.115A. Chapter VIA deductions will not be available for that Income. If those are not listed in any recognised stock exchange you will not be liable to pay STT and such gain will be taxable at normal rates i.e slab basis. you need not to pay at the time of your transaction, Just compute tax on above and pay it on or before 31st July of respective year.
Can you pls sum me up the Chapter VIA deductions that when we get this deduction?
Chapter VIA deductions will not be available for Shortterm capital gain u/s.115A
In case of listed shares short term capital gain will be taxed at the rate of 15% u/s 111A and no deduction will be available because its a special rate.
Whereas in case of unlisted shares amount of short term capital gain will be included in your total income and will be taxed at normal rates.
Gagandeep is right... I agreed with him
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