When and how to pay short term capital gain tax

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  1. empower70

    empower70 New Member

    When and how to pay short term capital gain tax arising out of sale of shares for transaction occurred in July 2016.
    Is it to be paid at the end of FY, along with income tax return ITR 4 ?
    Can it be set off against long term capital loss arising out of sale of shares/mutual fund?
  2. ZED

    ZED Well-Known Member

    If advance tax provisions are applicable to you then pay it as per installments of advance tax [S.211]


    Long term capital loss can only be adjusted against Long Term capital Gain.
    Further, Loss from a source of income which is exempt , can not be adjusted with a source which is taxable.


    If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all tax payers, salaried, freelancers, and businessmen.
    ZED likes this.
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