Tax Planning & Help

STCG and the income tax liability

Posted by : 365x24x7

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Anybody please answer the query....

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STCG and the income tax liability

Posted by : 365x24x7

Hi Ashal,
Please reply to the above. This is a basic question and it will help to clear the doubt of many others.

STCG Calculation Method

Posted by : ashish.m

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Thanks a lot Ranjan. It helps in this volatile market. So presently i have made gain but its loss for tax calculations. Too good...

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STCG Calculation Method

Posted by : RANJAN

It is on FIFO basis - you can show a short term loss.
If you sell the next 10 shares - you might get a short term gain.
You can adjust your short term loss against short term gain.
You pay tax only if you make a net gain.

Home Loan Principal Prepayment and 80C

Posted by : RANJAN

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Your total repayment for the year is EMI x 12
End of the year your bank will give you the breakup of your total amount repaid. Initially 90%(approx) of your EMI goes towards interest and balance towards principal. Over the years the interest amount keeps decreasing and principal amount repayment keeps increasing.
You can claim 80C benefit for the principal repayment upto 1 lakh ( incuding all other investment avenues) Interest upto 1.5 lakhs is fully deductible from your gross income.
Any prepayment made get the breakup. You can claim 80C benefit. ...

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Home Loan Principal Prepayment and 80C

Posted by : Guest

Does the Principal prepayment of home loan can considered for deduction in Income Tax 80C section along with normal Principal payments paid as part of the EMI?

STCG Calculation Method

Posted by : RANJAN

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It is on FIFO basis - you can show a short term loss.
If you sell the next 10 shares - you might get a short term gain.
You can adjust your short term loss against short term gain.
You pay tax only if you make a net gain. ...

In reply to:

STCG Calculation Method

Posted by : ashish.m

Hi,

Could anyone explain the method of calculating the STCG? Lets take one example:

i have purchased 10 shares of ICICI @870 in Dec, 2007 and then again 10 shares of ICICI @ 580 in July, 2008. Later i have sold 10 shares of ICICI @ 700 in Aug, 2008. Now the question id what will be the STC gain/loss ? As my avg. price was 725.

Is it done FIFO (First in first out) basis ?

STCG and the income tax liability

Posted by : 365x24x7

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Hi Ashal,
Please reply to the above. This is a basic question and it will help to clear the doubt of many others....

In reply to:

STCG and the income tax liability

Posted by : 365x24x7

Hi,
I am a salaried employee with annual salary of 6 lac/annum. I was involved in the following trading in the NSE stock market. I want to know the STCG and the income tax liability. Please help in determining the exact STCG and tax on it.

Trade-1 - Bought 10 shares of Reliance Industries on 20-05-2008:
Rate per share: 2100
Brokerage: 157.50
Service Tax: 19.50
STT: 26.25

Trade-2 - Sold 10 shares of Reliance Industries on 25-06-2008:
Rate per share: 2200
Brokerage: 165
Service Tax: 20.40
STT: 27.50

STCG Calculation Method

Posted by : ashish.m

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Hi,

Could anyone explain the method of calculating the STCG? Lets take one example:

i have purchased 10 shares of ICICI @870 in Dec, 2007 and then again 10 shares of ICICI @ 580 in July, 2008. Later i have sold 10 shares of ICICI @ 700 in Aug, 2008. Now the question id what will be the STC gain/loss ? As my avg. price was 725.

Is it done FIFO (First in first out) basis ?...

Home Loan Principal Prepayment and 80C

Posted by : Guest

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Does the Principal prepayment of home loan can considered for deduction in Income Tax 80C section along with normal Principal payments paid as part of the EMI?...

Advance Tax Question

Posted by : ashalanshu

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Dear hameedfs, If ur total Tax deducted at source till date is equal to 30% of ur total tax liability of the FY, u need not to pay advance tax on ur rental income. Plz. be sure about ur tax liability & cross check the same around nov. dec. during second advance tax date.

Thanks

Ashal...

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Advance Tax Question

Posted by : hameedfs

The loss due to housing loan on self occupied property is declared to the employer. But income from other let out properties is not declared. My confusion is around how much advance tax I need to pay in September. If it is 30% of the overall estimated tax, I have already paid it via TDS by employer.

STCG and the income tax liability

Posted by : 365x24x7

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Hi,
I am a salaried employee with annual salary of 6 lac/annum. I was involved in the following trading in the NSE stock market. I want to know the STCG and the income tax liability. Please help in determining the exact STCG and tax on it.

Trade-1 - Bought 10 shares of Reliance Industries on 20-05-2008:
Rate per share: 2100
Brokerage: 157.50
Service Tax: 19.50
STT: 26.25

Trade-2 - Sold 10 shares of Reliance Industries on 20-06-2008:
Rate per share: 2200
Brokerage: 165
Service Tax: 20.40
STT: 27.50
...

Speculative profit/ loss

Posted by : kath

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Thanks Ashal

My wife is also working & she does not come under tax slab , if I start doing trading in her name , she won't have to pay the tax if she fulfills the tax criteria(i.e. if salary + int + profit /loss from sahre trading remains within the tax free slab )
Please guide

Regards...

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Speculative profit/ loss

Posted by : ashalanshu

Dear kath, Day trading as well as FnO gains 'll be classified as business income & 'll be added to ur income from all other sources (salary, interest, rent etc.). As u said u r in 20% Tax slab, till ur gains coupled with income from other sources r below 5L Rs. u 'll be in 20% slab. Above 5L u 'll be in 30% tax slab as usual.

Thanks

Ashal

STCG and the income tax liability

Posted by : 365x24x7

View full thread (3 messages)

Tracked by: 0 Boarder

Hi,
I am a salaried employee with annual salary of 6 lac/annum. I was involved in the following trading in the NSE stock market. I want to know the STCG and the income tax liability. Please help in determining the exact STCG and tax on it.

Trade-1 - Bought 10 shares of Reliance Industries on 20-05-2008:
Rate per share: 2100
Brokerage: 157.50
Service Tax: 19.50
STT: 26.25

Trade-2 - Sold 10 shares of Reliance Industries on 25-06-2008:
Rate per share: 2200
Brokerage: 165
Service Tax: 20.40
STT: 27.50
...

House Rent Allowance

Posted by : ashalanshu

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Dear navvy, If u r not getting HRA from ur employer but at the same time paying rent for ur accommodation, u may claim least of these 3, as deduction for ur rent, from ur salary income u/s 80GG.

1. Rent in excess of 10% of total income
2. 25% of total income
3. 2000 Rs. per month.

thanks
Ashal...

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House Rent Allowance

Posted by : navvy

My company doesn\'t offer House rent allowance as part of salary. However i would like to know is there a way i can claim HRA allowance in my tax declaration?

Speculative profit/ loss

Posted by : ashalanshu

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Dear kath, Day trading as well as FnO gains 'll be classified as business income & 'll be added to ur income from all other sources (salary, interest, rent etc.). As u said u r in 20% Tax slab, till ur gains coupled with income from other sources r below 5L Rs. u 'll be in 20% slab. Above 5L u 'll be in 30% tax slab as usual.

Thanks

Ashal...

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Speculative profit/ loss

Posted by : kath

Thanks ashal

This means all day trding & F& O goes for speculative gains .

I am a salaried person in 20% tax bracket what will be my tax slab for speculative income

Regards

Tax on withdrawals from ULIP

Posted by : Pralhad

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Dear boarders,
need your views on this. I paid premium which was around 21% of the sume assured. I have done this for 4 yrs now, monthly. It started in Aug 2004.
I want to withdraw the amount but understand the amount will get added to my taxable income. I'm a NRI and investments were done from my NRE A/C on ECS.
1)Is there any way to avoid this taxation?
2)I was advised by a reputed firm to go with this investment. Is there a place to complain this wrong adise and get compensated?
Best regards,
Prahlad. ...

Speculative profit/ loss

Posted by : kath

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Thanks ashal

This means all day trding & F& O goes for speculative gains .

I am a salaried person in 20% tax bracket what will be my tax slab for speculative income

Regards...

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Speculative profit/ loss

Posted by : ashalanshu

Dear kath, when u sell shares which were held by u for less than a year, any gains/loss arising from such sell, 'll be classified as short term capital gains/loss from sell of shares.

The gains/loss incurred by u during day trading, 'll be classified as speculative gains/loss.

I hope it 'll clear ur doubts.

feel free to ask if u need more help.

Thanks

Ashal