My total income after 80C, 80D, 80TTA, deduction will be less than 5 lakhs. If I have a small STCG from sale of shares within this 5 lakhs do I still have to pay 15% tax on it.
Thanks
Neel Neel (20 Points)
10 July 2019My total income after 80C, 80D, 80TTA, deduction will be less than 5 lakhs. If I have a small STCG from sale of shares within this 5 lakhs do I still have to pay 15% tax on it.
Thanks
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 10 July 2019
1. According to sec 111A, STCG on sale of shares on which STT is paid will be taxed @ 15%.
2. The unexhausted basic exemption limit if any will be exhausted on the above gains and the balance amount will be subject to tax @ 15%.
3. In the above case, if the shares have suffered STT, then it will be taxed u/s 111A @ 15%.
Please correct me if the above solution has an alternative view.