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Mihir Tanna |1040 Answers |Ask -Follow

Tax Expert - Answered on Jul 26, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Dinesh on Jul 23, 2024Hindi

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Thnx sir. The only clarification I need is, whether the stcg die to sell of Shares is not fall in category of business income. What is the definition of business income, sir?

Ans: Gain from sale of shares can be business depending many factors. There is one Income tax circular No.6 /2016 Dated 29.02.2016 provides guidance for the same. If period of holding is more than 12 months, you can decide whether you want to show as Business Income or Capital Gain. But in case it is not held for more than 12 months, it will be decided based on volume, source of money, main head of income etc

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello Mihir Ji, I would like to confirm whether there is any exemption in STCG on sale of equity shares? Like 1.25 Lacs in LTCG

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I have earned a STCG of Rs 95000/- by selling shares/stocks . Whether I have to pay tax on it?

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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