Answer

1. F

   Facts

   Listed shares and equity funds held for 12 months or less give short term gains. For transfers from 23 July 2024, these are taxed at 20% under Sec 111A, plus cess. The rate does not depend on your slab.

2. P

   Provisions and law

   • Sec 111A (now Sec 196)Short-term gains on listed equity shares and equity funds taxed at 20% (transfers from 23 July 2024)
   • Sec 2(42A) (now Sec 2(101))Holding period: 12 months for listed securities and units, 24 months for other assets, to be long term
3. A

   Analysis

   On ₹1,50,000 of short term gain, tax is ₹30,000 plus 4% cess, which is ₹31,200, before any surcharge. If your other income is below the basic exemption limit and you are resident, the unused limit can reduce the taxable gain. Short term losses on other shares in the same year reduce this gain first. Brokerage and STT paid on purchase are part of cost, but STT is not a deduction otherwise.

4. C

   Conclusion

   1. 1Get the short term section of the broker report.
   2. 2Net off short term losses of the year.
   3. 3Compute 20% plus cess on the net gain.
   4. 4Report in Schedule CG under Sec 111A.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.