GK
TAXES IN INDIA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Is not deductible at all
|
|
|
Is deductible up to Rs.1,00,000
|
|
|
Is deductible up to Rs.2,00,000
|
|
|
Is deductible if C.G.’s is < 5,00,000
|
Detailed explanation-1: -Ans. Any short-term capital gains on transfer of equity shares or units of an equity oriented fund shall be liable to tax 15%, if securities transaction tax has been paid on such sale.
Detailed explanation-2: -Both short term capital gains and long term capital gains are subject to tax as per the rules. Any short term capital gain is taxable at 15% and the income tax slab rate for equity and debt securities, respectively. A long term capital gain is subject to LTCG tax of 20% with indexation benefit for debt securities.
Detailed explanation-3: -The investor should file ITR-2 and report income from the sale of Bonds and Debentures as Capital Gains. – Listed Bonds & Debentures – Tax on LTCG is 10% without indexation and tax on STCG is as per slab rates. – Unlisted Bonds & Debentures – Tax on LTCG is 20% without indexation and tax on STCG is as per slab rates.
Detailed explanation-4: -Section 112A provides for long-term capital gains tax on the sale of listed equity shares, equity-oriented mutual funds and business trust. The rate of long-term capital gains tax on these listed securities is 10% for gains exceeding the threshold of Rs 1 lakh.