HI TO ALL
i have a doubt
i have Short Term Profit on shares Rs.1,05,024/-
as per Income Tax at 10% (Excluding Rs 1Lakh u/s 112A)
tax only 5,024/- or 1,05,024/-?
please help me.
TNQ
Hello @MAHESH_M !
Section 112A was introduced to levy 10% income tax on Long term capital gains on the sale of equity shares, equity mutual funds and units of business trust in excess of Rs. 1 lac for a financial year.
Accordingly long term capital gains tax of 10% has to be levied on 5,024/-
Whereas ,short-term capital gain under section 111A is taxed at a flat rate of 15%.
You can read more about long term capital gains from here
Hope this helps!
Hello @MAHESH_M !
If equity shares are sold within 12 months of purchase, the seller may incur short term capital gain or incur short-term capital loss. Short-term capital gain under section 111A is taxed at a flat rate of 15%
Since you have incurred a short term capital gain, the same is taxable at a flat rate of 15 %.
Hope this helps!
tax only 5,024/- or 1,05,024/-?
Hey @MAHESH_M
STCG i.e. Short Term Capital Gain on sale of equity shares/ equity mutual funds is entirely taxed at 15% under Section 111A
LTCG i.e. Long Term Capital Gain on sale of equity shares/ equity mutual funds is taxed at 10% in excess of 1 lac under Section 112A
Therefore, in your case since it is STCG, it will be taxed at 15% on 1,05,024 pertaining to the last question asked by you, whereas it will be taxed at 15% on 1,01,197 as per the screenshot shared by you.
Hope this helps!
TNQ @Aneesha_Valecha
@Aneesha_Valecha HI, HOW TO IMPORT EXCEL FORMAT OF CAMS/KFINTECH CAPITAL GAIN STATEMENTS TO QUICKO?
PLEASE HELP ME.
@Aneesha_Valecha I’M ALREADY TRIED EXCEL TEMPLATE OF QUICKO,IT’S VERY DIFFICULT TO FILL THE DATA TO EXCEL SHEET,PLEASE HELP ME
Hi @MAHESH_M, here is a step by step guide on how to import your trades through the Quicko Excel Template.
In case you need further help with importing your capital gains you can connect with Tax Experts and file taxes on-the-go 