This Qn relates to Asst Year 2019-20. I am aged 81 years. I have no salary/pension income. My other income consists of : Bank SB interest, FD interest Debeture interest and Senior citizen savings deposits interest. The quantum of this income is Rs.2,75,000. I sold equity Mutual Funds during March 2019. They were held for 7 years. The amount realised is Rs. 1,20,000 and the cost of the Fund is Rs.1,00,000. My total income including the capital Gain works out to Rs.2,95,000. This is within taxable limit. Whether I have to pay any tax ? Whether I have to pay Capital Gains Tax, eventhough my total income is below the threshold limit of Rs. 5,00,000.
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Capital gains
Replies (2)
no y haven't to pay any tax
bcz of ur income is blow basic exemption
bcz of ur income is blow basic exemption
first of all capital gain should be 20000 in term of sec 112A, due to equity oriented mutual fund,
and if your Total income is below Besic exemption limit then you are not required to pay any tax since 112A give benifit of basic exemption limit to resident individual and HUF
and if your Total income is below Besic exemption limit then you are not required to pay any tax since 112A give benifit of basic exemption limit to resident individual and HUF
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