When to pay short term capital gains tax on shares?

Question

I bought 200 shares of Wipro in Aug 2013. I sold those after one month and I gained 7000/-(around) in this transaction. I got short term capital gains of Rs.7000/-. I have to pay 15% short term capital gains tax on 7000/-. When should I pay this tax? Is there any time limit to pay this tax or can I pay this by 31st March 2014? Please inform me.

Answer 1

You have to pay the tax on Rs.7,000 (@15%) after the end of financial year, that is after 31st March 2014. After 31st March 2014, once again calculate your short term capital gains and pay the tax accordingly along with your return to be filed on or before 31st July 2014.



If you income including this Rs.7000 is less than 2 lakhs, then you need not pay any tax. If your income is more than 2 lakhs including this Rs.7000, then you have to pay tax.

Answer 2

Short Term Capital Gains India

Answer 3

You are Right, You are Liable to Pay shot term Capital Gains as per Section 111A of Income Tax Act,1961.



You Can pay this before, March 31 2014 & You Have to File Income Return before July 2014 as mentioned in section 139(1) of Income Tax Act,1961.

Answer 4

If there's a gain in less than a period of one year like selling of shares, short term capital gain is applicable. based on transaction it will be deducted by way of TDS or you've to pay while filing ur IT return for the assesement year

Answer 5

Hi,

You are not required to pay your STCG tax now. After the end of March, 2014, please compute your total income and if it is less Rs. 200000 then just relax your income is not taxable and if it is more than Rs. 200000 than pay your tax before 31st July, 2014.



For further query you can ask experts at:

http://www.ngoandtaxconsultant.in/p/blog-page.html

Answer 6

compute your tax after deducting loss from your gain at the end of the year and pay in April 2014

Answer 7

no tax