can i save short term capital gain tax, if that is my only taxable income in this financial year?

Question

exemption from short term capital gain tax, how is security transaction tax deducted from same

Answer 1

If you have no other income other than short term capital gains, then you need not pay any tax on it till 1.1 lakhs (If your are male.) Regarding the transaction tax, you cannot claim back transaction tax in case of short term capital gains. It is only allwed to claim back the transaction tax if your shares income is your Trading (Business) income. See some examples below. See example-3 for you.



If your income including short term capital gains are less than 1.1 lakhs, then no tax payable.

Example-1

0,60,000 salary

0,50,000 short term capital gains from shares

------------

1,10,000 Total income

1,10,000 less Exemption

------------

0,00,000 Net taxable income.

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Example-2

1,00,000 Salary

1,10,000 Short term capital gains from shares

------------

2,10,000 Total income

1,10,000 less exemption

------------

1,00,000 taxable @10% flat rate

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Example-3

1,20,000 Your short term capital gains

1,10,000 Less taxs exemption for Male

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0,10,000 Bal. Amt. on which you have to pay tax @10%

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Tax on Rs.10,000 @10% including Education cess= 1,030/-

Answer 2

u do not have to pay tax if your total income for the year does not go beyond rs 1,10,000 INCLUDING short term capital gains.

STT is charged and deducted by the stock exchange at the time of transaction. If you see your contract notes you will find out the STT amount deducted in show in the contract note itself,

Answer 3

Yes U can claim upto 1,10,000 for the Current year but U cannot claim security transaction tax the remaining will be taxed at a flat rate.

Answer 4

If your income is above the taxable limit ie.Rs.1,10,000. Then you will be taxed at the rate of 10 % and 3% Educational cess. and chapter VI A deduction will not be available for you. STT is different and income tax is different

Answer 5

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