How Tax is calculated on shares ?

#1
I am trying to understand how tax is calculated on stock trading/investing.
I will appreciate if somebody who knows can answer .

Let's say I started trading from 1 Jan 2004 with Rs 5000.00 . For the sake of simplicity let's assume I dont have any other income (other than what is written below) from 2004 onwards.

1) Jan 2004 - Bought 50 shares of X at Rs 10.00 each.

2) Oct 2004 - Bought 50 shares of X at Rs 20. each.

3) March 2005 - Bought 100 shares of Y at Rs 20 each.

4) June 2005 - Sold 80 shares of X at Rs 25 each.

5) Oct 2005 - Sold 50 shares of Y at Rs 10 each.

6) Dec 2005 - Bought 20 shares of X at Rs 20 each.

7) Jan 2006 - Bought 20 shares of Y at Rs 1 each.

How much will be my tax liability at end of FY06.
I assume for FY05 income tax liability is nil as I had no income.
 
#3
bidpar said:
I am trying to understand how tax is calculated on stock trading/investing.
I will appreciate if somebody who knows can answer .

How much will be my tax liability at end of FY06.
I assume for FY05 income tax liability is nil as I had no income.
Try www.apnamoney.com they have a 15 day trial period where you can enter your transaction details and see the tax implications both short term and long term
 

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