I have my own demat account and i am trading in that account.. I am unemployed. My father gave me rs 20,000 for me to invest or trade in stock market. i have traded and made an profit of rs 7000 over 3 months time. whether i need to pay short term capital gain tax? since i am unemployed, i won't even fall under rs 1.5 L slab.
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tax on short term capital gain?
Replies (4)
madhan, you are not required to pay short term capital gain tax as your normal income is below exemption limit i.e. Rs. 150000 and in that case, u/s 111A you are allowed to set off the deficiency that you faced in your normal income with short term capital gain. In the case your short term capital gain exceeds the exemption limit during the year, then, you are requried to pay tax.
Yupp Mr. Love is correct.
NOT REQUIRED.....................
thnx tinku
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