Short term capital gain can be shown as other inc?

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So I went to CA Today  I had some short term capital gain around 9K from IPO 

She said 9k is not big amount We will show as other income  Koi baat nahi  

  Now what i know that its not right thing but since its not a big amount  it would be okey  ? 

Replies (3)

No, you should better to show as STCG in ITR.

Hey Riya, short term capital gain is taxed at two rates i.e. @ 15% (under section 111A) and the other rate is of normal income tax slab rates. In your case since its an IPO, so i can assume that STT has been paid on the same which means it fulfills the condition of section 111A. Therefore tax @ 15% is required to be paid.

Hence, you have to show the same under capital gains instead of other income on account of different tax liability.

Its not about being a big thing but u already knew its not right. Then u know the answer to your query and i helped you convince for the same with a reason (I hope so).

Cheers :)

That CA  is not Good CA  Then  wink


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