Is there any exemption for for short term capital gain on shares? because i reinvested the gains in the shares.
pls see the attachment file
M. Santhosh kumar (Senior Audit Assistant) (87 Points)
23 July 2010Is there any exemption for for short term capital gain on shares? because i reinvested the gains in the shares.
pls see the attachment file
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 23 July 2010
dear friend
there is no exemption available on stcg on shares u/s 54.it will be taxable @ 15%
regards
tarun rustagi
karthik
(audit staff)
(87 Points)
Replied 23 July 2010
excemption available only for Long term capital gain on Share. this is not applicable for short term capital gain on shares.
shyam sundar
(Article Assisstant)
(183 Points)
Replied 23 July 2010
there is no specific exemption, but if the income is less than basic exemption limit including short term capital gain then its not taxable..
Deepesh Khatri
(CA)
(167 Points)
Replied 23 July 2010
Un-utilized basic exemption can be used to set-off STCG.
harish .k
(STUDING)
(306 Points)
Replied 24 July 2010
dear friend
If ur income is less than the basic exemption limit i,e 160000/- excluding captial gains income as an individual , for A.Y 2010-11 ,and ur Short term captial gains income is more than 160000 or more also U r STCG will be taxable @ 10% and not at 15% u can go Through the section 111A of STCG recent ammendment in F.Y 09-10 ..........
Balaji
(Knowledge Seeker)
(317 Points)
Replied 24 July 2010
Dear Harish,
While what you say is correct,it would be unwise to take advantage of this drafting error (10% and not 15%) since the same can be amended at any time with "retrospective" effect.
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