You have to pay Rs.1000 as LTCG is on above 1 lakh earned amount.
This is a good question. Can any of the experts please respond to this please.
No! In this case your buying and selling cost is the same. No profit/no loss
No the question is can can we claim capital loss based on the price as of 31-Jan-2018?
Suppose buy price was Rs.50 and as on 31-Jan-2018 price was 100.
Now I sell for Rs. 75 sometime in the future.
Can I claim loss of Rs.25 based on price of 31-Jan-2018?
No! You cannot as in this case your buying price will be considered as Rs.50 and not Rs.100
I’m not very sure about this. But most of the experts are giving the same opinion.
Problem with govt taxation schemes are they start milking the cash cow so badly till it reaches a stage where nothing is left to milk. And where does it go. Mind numbing figures into welfare schemes which never reach the intended recipients. Few years fast forward and you will hear a mind numbing figure scam on the same welfare scheme. Oh BTW we the 1% tax paying community will continue to be milked.
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Thought of sharing it here:
The Tax Poem
Tax his land, Tax his bed, Tax the table at which he’s fed.
Tax his tractor, Tax his mule, Teach him taxes are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he tries to think.
Tax his cigars, Tax his beers, If he cries tax his tears.
Tax his car, Tax his gas, Find other ways to tax his ass.
Tax all he has, Then let him know, That you won’t be done till he has no dough.
When he screams and hollers, Then tax him some more, Tax him till he’s good and sore.
Then tax his coffin, Tax his grave, Tax the sod in which he’s laid.
Put these words Upon his tomb, ‘Taxes drove me to my doom…’
When he’s gone, Do not relax, Its time to apply the inheritance tax.
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can u advise whether STT is still applicable?
Yes, still applicable
So at what price my shares still which are lying with me at 31.01.2018 to be shown in my balance sheet for IT return ? Whether to be shown at original cost price or to be shown at grandfathered cost?
Can Long Term Capital Loss be carried forward - since the gains are now taxable? It will be a great initiative if Zerodha can automate the tax calculations especially the grandfathering of gains till 31st Jan 2018.
What constitutes this deficit?
Do your various tax reports of console which can be uploaded to various tax filing site like quicko,cleartax, cater to grandfathering on their own or do we have to do anything?