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I.tax on STCG
A student earn 1 lac from tuition and 1.5 lac from stock market as STCG. Will there be any i.tax.?Is basic exemption limit of 2.5 lac applicable here?
Replies (6)
Yes, you are correct.
No..
There will be no tax liability in this case.
As per IT Act if other income falls short from basic exemption limit than STCG will also be considered up to basic exemption limit and balance if any shall ba lavied to tax.
There will be no tax liability in this case.
As per IT Act if other income falls short from basic exemption limit than STCG will also be considered up to basic exemption limit and balance if any shall ba lavied to tax.
Thanks
Is ITR must in this case?
if the student is a NR then basic exemption will not be available for STCG.
The student is a resident Indian . Is income tax return submition must in this case as total income is below 2.5 lac?
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