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Capital Gain

10 May 2017

I have earned RS 1 lacs from trading in stock market which include long-term & short term capital Gain how the income tax is calculated I am salaried person

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7 Replies

Studentsca (CA Practice ) (3577 Points)
Replied 10 May 2017

Is the gain long term or short term??

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Dilip Gandhi (113 Points)
Replied 10 May 2017

Include long term & short term RS 30000 & RS 70000 respectively

Studentsca (CA Practice ) (3577 Points)
Replied 10 May 2017

Ltcg on equity shares is exempt US 10(38) and Stcg is taxable @ 15% US 111A. (I am assuming shares were traded on a recognized stock exchange and STT is paid).

Dilip Gandhi (113 Points)
Replied 19 May 2017

yes all share r traded through reognized & stt paid but if there is a loss of RS 15000 in

Dilip Gandhi (113 Points)
Replied 19 May 2017

trading than I can claim deduction from my other income for calculating IT for particular FY

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Studentsca (CA Practice ) (3577 Points)
Replied 20 May 2017

If it is Long term loss then no deduction is available. However if it is a net Short term loss then it can be adjusted against taxable short term/long term capital gain only. Loss from capital gain cannot be adjusted against any other head of income. However if you are unable to set off then file the return on or before due date to claim benefit of carry forward of loss.