Hi, I have sold part of my shares amounting to Rs.10,00,000/- on 1st Nov, 10 which were bought a year back. The Capital gains tax payable @ 20% after reducing my purhcase value comes to around Rs.1,50,000/-. I havent paid this Capital Gains Tax (I think it was supposed by 31st Dec, 2010) till date. Please let me know what is the interest charged for delay in payments of Capital Gains Tax.
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Tax on Capital Gains
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if you have sold the shares through any recognized stock exchange and security transaction tax is paid at the time of sales, then LTCG is exempted under sec 10(38), provided the shares were in your position from 365+ days.
when shares are hold for more than 365 days and sold through a recognized stock exchange and security transaction tax is paid at the time of sales, then its a LONG TERM CAPITAL GAIN and is exempted under sec 10(38).
Period of holding less than 365 day & sold with STT than STCG Rate 15%
Period of holding less than 365 day & sold without STT than STCG Rate 30%
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