2007 sales tax deduction
I have availed Rs.10000/- short term capital gain. Is this Income taxable. No exemption will be allowed for it
I have earned Rs.10, 000/- from sale of equity shares for the financial year 2007-08. No any deductions and any kind of expenses allowed for save this tax.
Please advise in detail.
short term capial gain is taxable at the rate applicable to your slab. but the short term capital gain from equity and equity oriented mutual funds are taxable at the rate of 10%/ deduction under section 80(C) and any deductions under chapter VI will be available.
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