Tax on capital gains from selling of stocks
This query is : Resolved
21 December 2012
I have a query regarding the capital gains tax on shares.
My mother sold some shares at a profit of 50% in the same year in which she bought it.. Her income is less than 1.8 lakhs and hence she is not required to pay taxes. But i would like to know how will the short term gains be considered from stocks and how will it be taxed?
Will the short term gains be taxed at 15% regardless of an individuals income or it is added to the regular income of an individual and taxed at that slab?.. So now please guide me about the taxes my mother may have to pay on her gains of about Rs30000..
THANK YOU,
AJAY B
My mother sold some shares at a profit of 50% in the same year in which she bought it.. Her income is less than 1.8 lakhs and hence she is not required to pay taxes. But i would like to know how will the short term gains be considered from stocks and how will it be taxed?
Will the short term gains be taxed at 15% regardless of an individuals income or it is added to the regular income of an individual and taxed at that slab?.. So now please guide me about the taxes my mother may have to pay on her gains of about Rs30000..
THANK YOU,
AJAY B
CA PARAS BAFNA
(Expert)
31 December 2012
It is added to the regular income and taxed at slab rate.
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