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I would be grateful if you clarify STCG

Tax queries 773 views 4 replies

rajendra

student

95 Points Joined June 2009

I am a student and there is no other source of income, I have invested in stock from my pocket money. I earned 15000 from stock market in Last year. I am not paid short term capital gain. (My friend told me if your income less than 150000 you do not have to pay any tax. that income comes under basic tax exemption limit. I am warring what will happen if I do not pay (because of lack of knowledge) pls suggest me how I do??

Replies (4)

Sanjeev Jain

Chartered Accountant

922 Points Joined November 2007

Hie,

As i go thru ur problem i come to know that you have earned Rs15,000 by way of Short Term Capital Gain and have no other source of income. So I clearify you that untill and unless you have your income which exceeds the maximum limit not chargeable to tax. You no need to pay even a single penny of tax to the govt.

And one more thing, An individual (Who is neiither a senior citizen nor a resident female) is not liable to pay tax if his income doesn't exceeds Rs. 150,000 for the assessment year 2009-2010.