Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.I presume you are receiving pension from your ex-employer. The short-term capital gains earned on transfer of equity shares held for a period of less than 12 months will be subjected to tax @ 15% u/s. 111A of the I-T Act, 1961 provided the short-term capital gains exceed the basic threshold limit of exemption. The other income of your wife will be chargeable to tax, as per income tax slab rates.The loss suffered in F&O trades will be treated either as business loss or shortterm capital loss. The short-term capital loss can only be adjusted against short-term capital gains or long-term capital gains.

Source: Economic Times January 30, 2018 06:00 UTC