Fire your tax related queries and i would get it solved!!!

[hometypist]

Is anyone having a tool /xls to calculate short/long term gains of stocks

Regards
Giri

Hi Diosys,

In fact I am also looking for an xls tool to calculate short/long term gains of stock.

Could you tell me Is short term profit tax charged at 10% or more. My wife has made a total profit of Rs.320,000/- after the deduction of 145000, 175000 is taxable, how much will i have to give to the goverment as tax, can you let me know.

 

[diosys]

dear diosys
I am a govt servant. I am trading in market in my wife"s name. I invested 2.7 lakhs in market from april 07 onwards in step by step. Frequenty I changed my portfolio. Now its value is 4.2 lakhs. In my trade i made profit as well as losses,
What is the tax implification. My wife has not having any other income. she is housewife.
awiting for your replay
Thanks.

hi Pons,

Please refer to my posts on the first page to classify yourself as a trder or an investor....Investor attracts tax @ 10% and trader 30%..... So please go through the first page posts and if still there are any doubts then feel free to write back....

 

[ashishdewan1010]

Dear Sir,

What you have stated is absolutely and perfectly correct !!!.....Both your points are correct...

However i would like to supplement your first statement regarding deduction of expenses...

If a person classfies himself as a trader and accordingly assessess his income under the head of business then the biggest benefit that he can derive is that he can value his closing stock at the lower of the cost or the market value....

i.e. if you have made a profit of 100000 and then make a wrong choice and bought a share at 1000 and get stuck with it at 500 then you can get the deduction of the fall in share prices from your income of Rs. 100000....This is the biggest benefit of being classified there !!!

Does this mean that if i am a trader i will get tax exemptions for my losses howeevr if i am an invester i have to give tax for my gains but no tax exemption for the losses.

 

[atulfpe]

i have share worth more than 2 lakhs. what is your advice for me regarding tax. time period is less than 1 yr hence no capital gain

 

[diosys]

do I need to submit copies of contract notes with my tax return? and also when should i deposit my short term capital gains tax ? or will my broker(icicidirect.com) deduct it from my profit.

thanks
aman1

Dear aman,

It is not required to submit copies of the contract notes along with your ITR...

Secondly your broker would not deposit tax on your behalf...The same would be required to be deposited by you on 15th march as advance tax or on final ITR preperation as self assessment tax...

 

[diosys]

Hi Diosys,

In fact I am also looking for an xls tool to calculate short/long term gains of stock.

Could you tell me Is short term profit tax charged at 10% or more. My wife has made a total profit of Rs.320,000/- after the deduction of 145000, 175000 is taxable, how much will i have to give to the goverment as tax, can you let me know.

Dear Hometypist,

You cannot deduct anything out of this.... Pay tax @ 10% on 3,20,000...it is flat tax of 10%....

 

[diosys]

Does this mean that if i am a trader i will get tax exemptions for my losses howeevr if i am an invester i have to give tax for my gains but no tax exemption for the losses.

Dear Ashish,

What you seemed to have understood is totally wrong...I have said that in case you get assessed under business income you are allowed to value your clsoing stock at lower of the cost which is not allowed in capital gain...

Even in capital gain if you make a loss you are allowed to set it off against the trades you made profit in...hence there also you get an exemption..

 

[diosys]

i have share worth more than 2 lakhs. what is your advice for me regarding tax. time period is less than 1 yr hence no capital gain

I cannot give you any answer to your query....Only that i can say is pay tax...

Moreover i am unable to understand your question....What is meant by "time period is less than 1 yr hence no capital gain"....

 

[sharadkt]

How do you calculate short term capital gain? does the purchase or sale price include STT/Service Tax/Brokerage?

 

[r_karthy]

Hi,
While calculating capital gain,
1. can we deduct the brokerage paid to the broker
2. can we deduct the STT from the net tax payable

Thanking you

Regards
Karthikeyan R