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Do I need pay Long\ Short term capital Tax If I have not any other income or not in any Tax Slab

Tax queries 130 views 1 replies

prakash

B.Com

133 Points Joined June 2015

Hello,

Do I still need to pay Long \ Short Term Capital gain Tax if a person do not have any other income or do not comes under any Tax Slab .

For Example, My wife is not having any income sources , Does she require to pay Long\Short term capital gain as she does not comes under any Tax Slab criteria.

Thanks for your help.

Regards

Replies (1)

As per Sections 111A, 112 and 112A, the long term/short term capital gains can be adjusted against the unexhausted basic exemption limit. This means in the above mentioned case, assuming that the age is below 60 years, upto Rs. 250000 of long term/short term capital gains will not be taxable. This is my humble opinion.