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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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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saver Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

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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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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