Tuesday, December 13, 2011

Short term capital gain tax for nri?

Section 111A allows all resident tax payer in respect of tax on short term capital gain generated from transfer of equity shares, units in equity oriented fund to pay tax @ 15% flat and if such short term capital gain is below the amount not subject to tax there is no tax liability. If you have other income also which is below amount not liable to tax then amount equal to this shortage will be deducted from short term capital gain and balance amount of short term capital gain will be taxable @ 15% as above. If you are non resident this section does not benifit you. You may pay taxes online visiting web site www.incometaxindia.gov.in following link pay taxes online. Challan applicable in your case is ITS 280

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