Section 111A of ITA, 1961 : Section 111A: Tax On Short-Term Capital Gains In Certain Cases
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma, a resident individual, sells equity shares of a company on a recognized stock exchange in India. These shares are short-term capital assets as he held them for less than 12 months. The sale happened after the enactment of Chapter VII of the Finance (No. 2) Act, 2004, and the transaction was subject to securities transaction tax (STT).
Mr. Sharma earned short-term capital gains of ₹50,000 from the sale. His other income for the year (excluding the capital gai...
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