2006-07-12 17:32:05 · 6 answers · asked by Ami 1 in Business & Finance ➔ Taxes ➔ India
If your income including short term capital gains are below taxable (exemption limit), then you need not pay any tax. If your income including short term capital gains exceeds the exemption limit, then you have to pay @10% for the excess amount.
Example:- Say your exemption limit is Rs.1 lakh. Your income without short term capital gains are Rs.90,000; Your short term capital gains are Rs.10,000/-; In this case the total income including capital gains are within the exemption limit. In case if your short term capital gains are Rs.15,000, then you have to pay tax on the excess amount Rs.5000 @10%. (Plus education cess @2% on tax)
2006-07-13 02:34:57 · answer #1 · answered by Anonymous · 7⤊ 0⤋
If taxable income including Short Term Capital Gains is below exemption limit, no tax becomes payable.
2006-07-13 00:22:53 · answer #2 · answered by PK LAMBA 6 · 0⤊ 0⤋
The head of Short Term Capital Gains is clubbed with the total income of the assessee for the Previous Year.
Now if you have no other income than your total income will not exceed the minimum taxable income according to the Income Tax Act,1961
So be clear my friend and dont get confused.
You will not be liable to pay any taxes if there is no other income and your STCG is below minimum taxable amount.
for more you can get in touch with me at agarwalapurav@yahoo.co.in
2006-07-12 22:17:46 · answer #3 · answered by apurav a 3 · 0⤊ 0⤋
No. Not only this even on LTCG you do not have to if total income including LTCG is below exemption limit.
CA. Deepak Bholusaria
2006-07-12 17:39:46 · answer #4 · answered by DeepakB 3 · 0⤊ 0⤋
No,
Exemption means that you dont have to pay anything back, and that you and exept from getting taxed on it
2006-07-12 18:31:10 · answer #5 · answered by goku420x2 1 · 0⤊ 0⤋
no
2006-07-14 03:59:59 · answer #6 · answered by sifar 2 · 0⤊ 0⤋