Tax on Capital Gain short term and long term

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This discussion clarifies capital gains tax for individuals with salary income. It addresses whether short-term and long-term capital gains are taxable, even after considering the Rs. 1 lakh exemption. The advice confirms that tax liability can arise for both types of capital gains due to specific tax rates, regardless of total income falling below certain thresholds.

Sanjay

Sanjay (Querist)

26 June 2024 Sir,

I have below query :

I am salaried income along with Short & Capital Gain for the FY2023-24
1) Income earned from Salary is Rs. 412029/- deduction is Rs. 13142 HRA , Rs. 2400 Professional Tax, Rs 50000/- Standard deduction.
2) Interest from FD is Rs. 33640/- and dividend for share Rs. 11906/- 3) Deduction under section is Rs. 150000/-
4) i have earned short term profit is Rs. 28406/- and Long term profit is Rs. 124955/-

Please guide me whether i am taxable for capital gain i.,e short term amount of Rs. 28406 and long term Rs. 24955 after exemption Rs. 1 lakhs
but my total income is below 5 lakhs (including salary, interest on FD, capital gain) after deduction .

Thanks & Regards