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What is my income tax liability with my short term gains are Rs 7000 and long term losses are Rs 10000 (stock)?

April 26, 2017Business Finance gains India liability short taxes term

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What is my income tax liability with my short term gains are Rs 7000 and long term losses are Rs 10000 (stock)?

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Long Term capital gains loss cannot be set off with short term capital gains (stocks). You have to pay tax on Rs.7000. http://simpletaxindia.blogspot.com/2008/… ii) Long-term capital loss arising on sale of equity shares and units of equity-oriented mutual fund, which is subject to securities transaction tax (STT), is not allowed to be either set off or carried forward (as income from such source is exempt from tax) [Section 14A]. http://www.capitalmarket.com/CMEdit/Prin… ” the sale of listed shares and equity oriented mutual funds, which are held for more than 12 months and on which Securities Transaction Tax (STT) paid are fully exempt from taxation, any loss from sale cannot be set off against any other long term capital gain. ”

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long term losses cannot be set off against short term gains. so ur loss wud be c/f n u need to pay tax on short term @15%…. if ur long term losses are from sale of shares wherien u hav paid STT. tey cannot be set off at all!!!!