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Income tax filling

Tax queries 373 views 2 replies

Hi, 

I have two questions I was doing business with partner which run into loss and we stopped . I am 54 years now. I am not working Since for last  2 years i have only interest income which is around 20000 and dividend around 40000 I had not filed any Tax return

This year I am planning to sell the share Bought in 1990 for 2 lakhs I may sell at near 10 lakhs.. 

Will there be a problem if I file  e tax.  Will I have to pay Income tax for the capital gains (This year also i will get 20000 interest and 25000 dividend

 

Please reply

Sridhar

Replies (2)
if sale of those shares will be subject to STT then any capital gain arising on sale of such shares are exempt.... however you need to file return and show this gain in your itr.

Yes, it is better to file ITR, and show your income from interest and dividend. If the shares are equity oriented subject to STT from a recognised stock exchange, then the profits from sale of shares is not taxable.


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