I have a query regarding STCG on stocks. I am an Indian resident and invest in the stock market. Whenever i incur short term capital gains on the sale of stock, TDS of 15% is deducted from my account My question is, if my total income (from stocks) is below 1.5 lakhs, am i eligible for a refund from the IT department? Also which form will reflect tax paid (example 16A, 26AS etc)
Hlo Tarun, If your total income including the STCG is below the basic exemption limit, ie is 2.5 laks, then there will be no tax liability for a Resident Indian. So here ifyour GTI is less than 2.5 laks in a year, you will get refund. Tax paid on stocks will reflect in 26 AS
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