POSTED BY December 23, 2013 6:27 pm COMMENTS (4)
ONIf suppose a person income is non taxable (Income from all sources is below 2 lakhs in a financial year) and he made a short term capital gain from equity of 50K in a financial year.
Now, Do he need to declare these capital gains from equity and pay short term tax on it ?
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thnks for clarifyng dis…
In case there is no other income, no tax will be payable on STCG of Rs 50,000.
the person dont have any other taxable income… only 50K on capital gains short term….
STT is paid on shares sold so now do d person needs to pay tax on capital gains on 50K even if his taxable income is less then 2 lakh ?
The ST capital gain will be added to your other taxable income and if the balance is over the taxable limit of Rs 2 lakhs, tax is payable on the excess over 2 lakhs.
If STT (securities transaction tax) has been paid on the shares sold, the tax rate will be 15.45%, otherwise it will be taxable at normal rates as per the tax slab (ie 10.3%).
Paresh Shetiya