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Share income tax liability

pukhraj kumar (jaisalmer) (27 Points)

27 August 2014

dear experts income from share market how to calculate tax

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saurabh shahu (Audit Assistant) (142 Points)
Replied 01 September 2014

Pukhraj Kumar.......

you are doing trading in share.......STT already deducted in transection amount......whether shares held more then one year on which STT is paid is exempted U/s.10(38).........otherwise tax on short term capital gain under section 111(A) chared @ 15%.

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monika ahuja (Student CA Final ) (85 Points)
Replied 01 September 2014

Right

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
Replied 02 September 2014

Is share Income is ur prinicipal income or Incidental Income? If Purchase and sale of securities is your business, even though you paid Security Transaction Tax, you are liable to pay tax on it as Income from business and you can claim STT paid as deduction against your Business Income! Nevertheless It is exempt in your hands u/s 115O!