My wife's annual income is below 4 lakhs, so thinking of submitting form 121 with Bank,
Now, in case she want to sell shares there will be LTCG of another 3 lakhs
Can she submit form 121 with Bank
As far as I know, one can submit form 121 if income tax liability is zero.
My question is whether above-mentioned zero tax liability is inclusive of LTCG .
Thanks
Form 121 (which replaces 15G/H) requires your total tax liability to be zero. Since the 3 lakhs in LTCG will likely trigger a tax payment, she is ineligible to submit the form. It is better to let TDS be deducted and claim a refund later via her tax return.
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