Hi experts Please check the income statement for the year 2012-2013 & tell me what is the tax liability. Salary& allowance 180000 Commission 100000 Short term Capital Gain 30000 Interest on FD 25000 Total 335000 What will my tax liability.My doubt is that what is the tax liability on the short term capital gain ( realized from mutual fund trade not through stock exchange)
Regards Rajesh
This forum is primarily for discussing tax rules and policy. It's not normally used as a tax calculator. Particularly with income at your level, you should consult your own tax professional about your options and the amount of tax you might pay.
As to your issue on short term capital gain, taxable gain is taxable gain however you slice it. Section 1031 allows deferral of tax for some like-kind exchanges. But that doesn't apply to stock ownership.
___ Stu
tax liability.
short term capital gain ( realized from mutual fund trade not through stock exchange)
I can't do the calculations for you, but to answer your question about the short-term capital gain - it is taxed at the same rate(s) as your other income. Reduced tax rates apply only to long-term capital gains.
Ira Smilovitz
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