[kapidipak]

I have booked Profits in stocks within the tenure Oct'2008 - Feb'2009. Now my questions are
1> Is it Short term capital gain Or Long Term and What is the parameter to determine that?
2> How do I calculate the tax on that profit.

[AtlantaTaxExpert]

1) They are short-term gains, as the holding period was LESS than one year and one day.

2) They are taxed as ordinary income. Just add the profit to your other income and look up the tax on the appropriate tax table.