Hi i opened an ICICIdirect account in January 2008 and i am trying to calculate my capital gains or loss for my IT return. Now i have a few doubts with this
1.) Suppose i bought some shares for 10,000 Rs and above that they charged me brokerage of 100 Rs . Then suppose i sell it for 12,000 and they charge me brokerage of 100 Rs and i effectively get 11,900 as credit. how do i calculate the profit in this case. Do i add the brokerage to Rs 10,00 and my total buy price becomes 10,100 and then i sold it for 11,900. How do i calculate my TAx liability amount?
2.) How much tax is charged on the profit earned for this year all the profits were short term capital gain
3.) What happens to the losses that i suffer. i mean buying at 14,000 and selling at 10,000 means a loss of Rs 4000/-. how do i pay calculate tax for the losses.Do i pay tax on remaining 10,000 that have come back to my account or i still pay it on 14,000?
4.)What happens to the money which is in the market. Suppose i have 2lacs in my savings account and out of which 1,50,000/- have been invested in stock market,and today the value of 1,50000 is 1,10,000 in the market as per my portfolio. how do i calculate my taxable amount?
Please help me with these queries.
Thanks
1.) Suppose i bought some shares for 10,000 Rs and above that they charged me brokerage of 100 Rs . Then suppose i sell it for 12,000 and they charge me brokerage of 100 Rs and i effectively get 11,900 as credit. how do i calculate the profit in this case. Do i add the brokerage to Rs 10,00 and my total buy price becomes 10,100 and then i sold it for 11,900. How do i calculate my TAx liability amount?
2.) How much tax is charged on the profit earned for this year all the profits were short term capital gain
3.) What happens to the losses that i suffer. i mean buying at 14,000 and selling at 10,000 means a loss of Rs 4000/-. how do i pay calculate tax for the losses.Do i pay tax on remaining 10,000 that have come back to my account or i still pay it on 14,000?
4.)What happens to the money which is in the market. Suppose i have 2lacs in my savings account and out of which 1,50,000/- have been invested in stock market,and today the value of 1,50000 is 1,10,000 in the market as per my portfolio. how do i calculate my taxable amount?
Please help me with these queries.
Thanks