vinayak (accountant) (255 Points)
17 March 2017I am salaried employee in PVt ltd company. I have purchase and sold shares in F.Y.2016-17. What will be tax rate for the said short term gain? Will i have to pay this tax if my total income including salary is below taxable limit? How can I show this gain in IT return form?
CA MANSI PAREKH
(ARTICLE)
(22 Points)
Replied 17 March 2017
Short term capital gain on sale of equity shares is taxable at the flate rate of 15%. However, if your other taxable income excluding short term capital gain is below basic exemption limit then short term capital gain on sale of shares to the extent of unutilized basic exemption limit will be taxable at slab rate and the rest capital gain will be taxable @ 15%.
Saikrishna Reddy S
(57 Points)
Replied 17 March 2017
If your sale is through recognised stock exchange then you need to pay @ 15% as specified by CA Mansi Parekh sir, otherwise you need to pay as per slab rates.
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