A friend recently got a SME IPO. 1.2L Rs was the investment and it is expected to open at 100% premium. So basically around 1.2L profit. (>1L limit for capital gains)
His income is 45K for this year, hence under the exception bracket.
So if he sells the shares tomorrow itself is he liable for STCG or not?
(>1L limit is for Long term capital gain) not short term. This trade would fall under : short term hence STCG.
Now coming to que: liable for STCG? IMO yes as there is separate/section or form for income from other resources - shares/MF.
Any CA in GV? Plz confirm!
I did ask a few of my friends who are doing CA, they said that STCG is liable according to slab rates, if that holds true then he'd have 0 tax liability otherwise 20%.
Ask who're done and passed CA 😅 or I'ld suggest check varsity's tax on MF module
No tax if he opts for new tax regime as his income will be under 7 lakhs
That's what I've been told though there are a few mixed responses hence a bit confused.
@limeYou wouldn't get notice for this small amount but better be educated on things you're playing with 😅
Yes, Liable for tax, STCG is payable irrespective of amount of profit.
Exceptions in the new regime below 7 lacs is for salary income only.
I am of the understanding that capital gains under 1L are tax free and those gains aren’t to be added to your taxable income. However, I met a friend this evening who informed me that her CA says that capital gains are always added to th...
Say you have ESOPs in a company. Once the company goes public, is there a holding period applicable for the esop before which it can not be sold? Like 1 month/3 months/6 months holding periods?
Can someone also explain how the conversio...
I had gotten a few shares of a company I used to work for. Unfortunately the time period to exercise the contract is just 90 days after I leave so that means either I have to lose all the shares since I didn't complete the whole vesting ...
So say one has 100 ESOPs which a person exercised and converted to say 1000 shares in say Jan 2024
Now if IPO happens in aug 2024, what will be the long term capital gains tax rate for these shares.
Will the tax rate change if one sel...
Can someone throw light on RSUs(US based) taxation in India