Capital Gains Tax - FY 2010-11?
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I have incurred the following capital gains and loss in the financial year 2010-11. 1. Short Term capital gain of Rs. 2450 in mutual funds. All these are equity funds and I have paid STT during redemption 2. Long Term capital gain of Rs 19350 in mutual funds. All these are equity funds which are hold for more than one year and I have paid STT during redemption 3. Short Term Capital Loss of Rs 12000 in stock market. This includes both intraday and short term delivery based trading of equity shares 4. Short Term Capital Loss of Rs15000 in stock market F&O trading. Please let me know the capital tax calculation on the above stuff. I am in 30% tax bracket. Thanks a lot
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Answer:
Long Term Capital Gain @ point 2 is not taxable at all. Short Term Capital Loss @ point 1 is taxable but can be set off from short term capital loss @ point no 3 & 4. Since short term loss @ point no 3 & 4 is more than gain @ point no 1, balance amount can be carried forward to next years for set off from "Short Term Capital Loss Only"
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check this http://mutual-funds-personalfin.blogspot.com/2010/10/taxation-of-mutual-funds-gains-for.html http://mutual-funds-personalfin.blogspot.com/2010/09/dividend-and-capital-gain-taxation-in.html only short term capital gains are considered as long term capital gains are tax free, but you need to disclose both.
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