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Wednesday, November 23, 2016

Short Term Capital Gain Tax

 
You need to pay only short term capital gains tax. The five heads of income for computation of income tax in India are as follows:
 
 
  1. Income from Salary
  2. Income from House Property
  3. Income from Profits and Gains of Business or Profession
  4. Income from Capital Gains
  5. Income From Other Sources
 

Once an income is counted under one of these heads, it will not be counted again for calculation of taxes. In your case, the short term capital gain you made on shares will be chargeable to income-tax under the head ' Income from Capital Gains'. The short term capital gains are taxed at a special rate of 15 percent for equities, which will be R11250 (15 percent of R75000) in your case. This will be separately calculated, apart from your normal income tax on other heads of income like salary. While filing returns, you will have to fill the ITR 2 form.

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1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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