Mr X is getting salary of Rs 220000 pa and
STCG on sales of shares on Listed Stock exchange STT PAID rs 10000
will he need to pay @ 15% tax on 10000 or tax liability would be nil?
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STCG ON SHARES
Replies (3)
If X is resident, no tax liability in this case as the taxable income is below basic exemption limit.
No there will be no tax liability
If Mr X is having a gross income of 4.5 lakh rupees from salary and stcg from sale of shares on listed stock exchange STT paid is rs.1.3 lakhs. i.e total income of rs. 5.8 lakh rupees. Now Mr X is having deduction under chapter VI of rs. 1.5 lakhs. His net income now comes out to be 4.3 lakhs. Do Mr. X has to pay tax @ 15% on 1.3 lakh rupees.
Note: His total income after deduction is coming out to be less than 5 lakh.
Note: His total income after deduction is coming out to be less than 5 lakh.
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