Hello friends,
I worked with a private company till June 2009 after which I joined a college for further education. My salary for the 3 months (April 2009-June 2009) was less than 1 lakh, on which I will not have to pay any tax, as far as I know.
Now, in the period April 2009-March 2010, I also sold off some stocks from my portfolio to pay the fees of my own education. Short term capital gains are about Rs. 40,000; rest being long term capital gains.
1. How do I treat these gains, shall I club them with 1 lakh and not pay any tax, as it will still fall under the 1,60,000 bracket. Or, I will have to treat the short term capital gains differently and pay tax @ 15% of STCG. Moreover, the methodology I used to calculate STCG is that I simply subtracted the inflow (selling the stocks) with the outflow (buying the stocks) where the period of having kept the stocks in my demat was less than 1 year. Is that correct? Or, do I need to factor in some inflation chart or something as well?
2. I have not paid any tax for FY 2009-2010. If any tax is applicable in my case, how I pay it now, and which form do I need to fill to file the return.
3. During this year, I have paid my education fees which came from the Short Term Capital Gains and other savings, do I get any exemption in tax?
4. I had taken the Medical expenses as Taxable from the company, when I worked for those 3 months. In the later months, I incurred some expenses on medical treatment. Do I get any exemption/relief in tax because of the same?
Thank you very much.
CAclubindia
