16 January 2012
I want to know whether long term and short term capital gain is taxable. Also whether long term capital loss and short term capital loss could be taken as set off while computation of tax liability. Also I want to know whether rent is laible to service tax.If yes what is the limit and what is the rate of tax
17 January 2012
LTCG is taxable @20% under section 112 exception is being if the shares,bonds are listed in recognised stock exchange then will exempt from tax.
STCG is taxable @15% under section 115 if listed in recognised stock exchange otherwise will come under the purview of slab rate along with other head of incomes.
ST capital loss can be adjusted against LTCG however LT capital loss cannot be adjusted against STCG.
Rent is liable to TDS under section 194I of income tax act 1961 @2%
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