What shall I ask for from my DP for helping me in calculating capital gains tax in respect of sale of shares.?

Question

What shall I ask for from my DP for helping me in calculating capital gains tax in respect of sale of shares.?

Answer 1

What you need to know is what shares have you sold that were there in your account for the period of more than one year period.

The shares sold after one year holding are exempted from capital gain tax under the clause "Long term capital gains from transactionson which securities transaction Tax is paid."

You will have to make a mention of the same in your Income Tax returns so as to avoid any in convenience on enquiry from IT department.

Answer 2

Tax on Short term capital gain on the sales of shares where you paid transcation tax is 10%. Long term capital gain is nil.

Read about Capital gains, computation of capital gains and income tax rates on capital gains: http://mytaxes.in/index.php?topic=30.0.

For all the available Exemptions from Capital Gains under Sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA, read: http://mytaxes.in/index.php?topic=31.0.