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Author Topic: Capital Gains on shares for a salaried individual  (Read 4658 times)
aamaadmi
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« on: July 26, 2010, 04:03:43 PM »
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Hi,
These are some of the questions that I have on my mind regarding the filing of IT returns for the fin year 2009-10 (AY 2010-11) related to capital gains for a salaried individual:

1. If a person has profit/loss from transactions in non-derivative securities, which form has to be submitted? Most probably it is ITR-2 only but just needed  to confirm.

2. If one has some tax liability on the shares traded, then can this tax be paid after July 31st 2010? In this case, does the ITR form need to have any mention of this liability, or can it be simply submitted by filling details from the Form 16 received from the employer?

3. If the individual falls under the tax bracket of 30% for the income from salary, does she need to pay capital gains tax on traded shares at 30% or at 15%/

4. The STT, stamp duty, turnover tax, etc are deducted from the transactions by the DP - is there any other way these have to be taken while filing returns?

5. Can the interest on the margin money taken from the DP be offset against the profits?

Thanks a lot in advance
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MyTaxes Support
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« Reply #1 on: July 27, 2010, 07:32:39 AM »

1. ITR-2.
2. Normally you must pay the tax due (Self assessment tax) before filing the tax return.
You can file your tax return ITR-1 with Salary income and interest income. Later you can file revised return ITR-2 showing your shares profit. You must also pay interest on the self assessment tax.
3. Short term sale of shares 15% and long term 0%.
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aamaadmi
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« Reply #2 on: July 27, 2010, 12:50:46 PM »
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1. ITR-2.
2. Normally you must pay the tax due (Self assessment tax) before filing the tax return.
You can file your tax return ITR-1 with Salary income and interest income. Later you can file revised return ITR-2 showing your shares profit. You must also pay interest on the self assessment tax.
3. Short term sale of shares 15% and long term 0%.

Regarding Answer No 2, is there also some penalty amount that needs to be given if I intend to give after 31st Jul?

Also, can you give details about the interest that needs to be paid?
Is the 15% rate valid for both the shares traded (bought and sold) on the same day and those for which delivery has been taken?
Thanks in advance!!
« Last Edit: July 27, 2010, 12:59:30 PM by aamaadmi » Logged
skar88
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« Reply #3 on: August 14, 2010, 05:35:21 AM »

If you have only salary income fill ITR-1
Including income from shares (Capital gains) ITR-2
If the shares income is trading income= ITR-4
The last date for filing tax retrns is 31st July 10.
If your income from shares is purely investment and not from day trading you can treat those gains as capital gains. Shares sold with in one year are taxable @15%. Shares sold after 12 months are tax free.
If your shares income includes day trading income, if the income for you is less say about 20 to 30 thousands, include it in capital gains. If the amount is more than that, then you need to consult a Tax consultant.
« Last Edit: August 15, 2010, 03:49:49 AM by MyTaxes Support » Logged
vijay s
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« Reply #4 on: September 27, 2010, 10:52:42 AM »

In case capital gains on traded shares is  more than Rs.30000/ why should he consult exper.Pl. say your VIEW.
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