Tax on Short Term Capital Gains in certain cases - (New) Section 196 / (Old) Section 111A

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.... • 20% tax on the eligible STCG • Tax on the remaining income at normal applicable rates. Basic Exemption Benefit for Resident Individuals and HUFs [ section 196(2) ] This subsection grants relief to: • Resident Individuals, and • Resident Hindu Undivided Families (HUFs) where their income excluding the eligible STCG is below the basic exemption limit. Exemption from STT Condition for Transactions in IFSC [ Section 196(3) ] The requirement that the transaction must be chargeable to STT does not apply where: • The transaction is undertaken on a recognized stock exchange located in an International Financial Services Centre (IFSC); and • Consideration is....

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....nsfer which takes place on or after the 23rd day of July, 2024; • (ii) the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee. Before 23.07.2024  • (i) the amount of income-tax calculated on such short-term capital gains at the rate of 15%; and • (ii) the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee. Conditions for Concessional Rate • STT must be paid at the time of transfer. • Exception: a transaction undertaken on a recognised stock exchange located in • any Internation....