New Tax System

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This discussion clarifies whether an individual needs to pay Short-Term Capital Gains (STCG) tax and file returns for Assessment Year (AY) 2024-25 if their total income, including deposit interest and short-term capital gains, reaches ₹6 lakh. While income up to ₹7 lakh may not attract tax due to increased standard deduction for AY 2024-25, capital gains are treated differently. It's advised to check the income tax portal for precise calculations and note that the rebate under Section 87A is not applicable to capital gains.

SHAHNH

SHAHNH (Querist)
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20 November 2023 Hello! Experts,

If my deposit interest income and short-term capital gains in FY24 add up to about ₹6 lakh, do I still need to pay STCG tax and file returns for A.Y. : 2024-25?

Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 November 2023 Yes, you need to pay short-term capital gains as your income exceed basic exemption limit.

SHAHNH

SHAHNH (Querist)
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21 November 2023 Thanks!
But for A.Y: 2024-25 it’s said that for income upto 7 lakhs no tax will be payable ( due to increase in standard deduction )
Pl confirm

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 November 2023 Capital gains tax payable.
Go to income tax portal and try to fill ITR with your proposed figure you will capital gains tax payable.
Instead 7 lacs you adopt current figure for AY 2023-24.

SHAHNH

SHAHNH (Querist)
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21 November 2023 Thanks.
But find that Rebate under section 87A of Rs.25,000 is proposed for A.Y. 2024-25.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 November 2023 Rebate not applicable for capital gains.

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