anoop (MBA (Finance), CA-PCC) (93 Points)
28 October 2009plz tell me.......
if a person has short term capital gain from shares of Rs 50000. and he do not have any other source of income...
then is he liable to pay tax.......?????
if yes then how the tax will be calcuated.......i.e. at a flat rate of 15%.......... or exemted upto Rs1.5lacs and then taxable........
plz reply.........
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 28 October 2009
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 28 October 2009
Even i agree with SUMIT..................
Deeps
(Article Assisstant)
(2485 Points)
Replied 28 October 2009
SHORT TERM CAPITAL GAINS TAX IN RESPECT OF EQUITY SHARES/UNITS OF AN
EQUITY ORIENTED FUND REDUCED TO 15% [SECTION 111A]
The proviso to this section provides that in the case of resident individuals or HUF, if the
basic exemption is not fully exhausted by any other income, then the short-term capital gain
will be reduced by the unexhausted basic exemption limit and only the balance would be taxed
at 15%. However, the benefit of availing the basic exemption limit is not available in the case
of non-residents
CA Trinath Galla
(student)
(3130 Points)
Replied 28 October 2009
| Originally posted by :Deepika.R. | ||
| " | SHORT TERM CAPITAL GAINS TAX IN RESPECT OF EQUITY SHARES/UNITS OF AN EQUITY ORIENTED FUND REDUCED TO 15% [SECTION 111A] The proviso to this section provides that in the case of resident individuals or HUF, if the basic exemption is not fully exhausted by any other income, then the short-term capital gain will be reduced by the unexhausted basic exemption limit and only the balance would be taxed at 15%. However, the benefit of availing the basic exemption limit is not available in the case of non-residents |
" |
agree
munish mehta
(Partner)
(22 Points)
Replied 29 October 2009
If transaction is covered by STT( means Securities transaction is paid) then it will chargeable to flat rate of 15%.as per sec.10(33).
Pls clear if wwrong.
STCG = 1lac
No ther income tax will be 15% of 1lac= 15000+ Cess..........
Flat rate =15% (1.5Lac limit)
CAclubindia
