How to know : shot term or long term on averaging stock?
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I have purchased RIL's 50 share on 15th April, 2009 and 50 share on 13th December, 2009. Now i just sold 50 share on 20th April, 2010. I want to know whether it comes into short term tax or long term tax.
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Answer:
It would be better for you to go for FIFO Method because under that you wont have to pay any tax on this. As you have kept your first 50 shares ( 15 April 2009) for more than one year, it would come under Long Term Capital Gains. And under LTCG this income is exempted u/s 10(38) as this transaction is subjected to STT.
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