Is income from stock market gain taxable when your regular income is not taxable...

[Ganapati S]

...and below taxable limit? I am a research student and get Rs9000 p/m as stipend which is not considered as taxable income. Will my income from stock investments be taxable? If it is taxable what will be limit above which I have to pay tax? And how much I have to pay tax on certain income?

[N.J.Reddy]

If you are sure that the stipend is tax free, then assume that you have no income at all. The tax free incomes are:
Male <65 years; Rs.1,10,000
Female<65 years: Rs.1,45,000
Seniour Citizen >65 years: Rs.1,95,000

Say, you are male. Then you can earn a tax free income of Rs.1,10,000. Your stipend income is tax free. In this case you can earn up to Rs.1,10,000 from stock market as short term capital gains (shares sold within 12 months) or Shares trading income.

Long term capital gains on shares, shares sold after 12 months time are totally tax free.