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.
All the UNBOOKED Gains in your Portfolio would now attract -
25% MORE LTCG (10% to 12.50% is NOT 2.5%, but 25% more), Surcharge extra as applicable.
33.33% MORE STCG (15% to 20% is NOT 5%, but 33.33% more), Surcharge extra as applicable.
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