Capital gains

vsraj (administration) (136 Points)

13 July 2019  

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.