I bought 200 shares of Wipro in Aug 2013. I sold those after one month and I gained 7000/-(around) in this transaction. I got short term capital gains of Rs.7000/-. I have to pay 15% short term capital gains tax on 7000/-. When should I pay this tax? Is there any time limit to pay this tax or can I pay this by 31st March 2014? Please inform me.
When to pay short term capital gains tax on shares?
Replies (3)
As your tax payable is below 10000, you can pay the taxwithin any time before July 31st 3014. As the due date has expired you can pay the ta even now but with interest @ 1% per month.
You have to pay the tax on Rs.7,000 ( @ 15%) after the end of financial year, that is after 31st March 2014. After 31st March 2014, once again calculate your short term capital gains and pay the tax accordingly along with your return to be filed on or before 31st July 2014.
If you income including this Rs.7000 is less than 2 lakhs, then you need not pay any tax. If your income is more than 2 lakhs including this Rs.7000, then you have to pay tax.
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Compute your tax after deducting loss from your gain at the end of the year and pay in April 2014
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