Income Tax on only Capital Gains (NO Salary income)

970 views
User Avatar

Engineer
24 Points Posted on 08 October 2010

Folks,

I had a capital gains of 1,20,000 /- during 2010-2011 & no salary income. When i tried to e-file using the PDF utility provided by the incometaxindia.gov.in website, it calculated a tax of 16000 /- in the PARTB TTI 1b column for "Tax payable at special rates".

This surprised me since my total income is less than 1,6 Lakhs, i should not be taxed at all. I want to know if what the PDF utility calculated was correct.  That is, if

a) THe total income is less than 1,60,000 /-

b) The total income is comprised only of capital gains taxed at special rates,

Should there be any income tax at all? I would greatly appreciate any replies since i am already late in filing thinking that i am below the taxable limit,

Thanks in advance,

Regards

Reply Share Follow
On 08 October 2010 at 14:04 Report
Replies (1)
User Avatar

Chartered Accountant M.No. - 134239
326 Points Posted on 08 October 2010

Dear Frowdow,

 

There should not be any tax liabilty, since the total Income comprising only of capital gain (taxable at special rate) is less than basic exemption limit of 1.6 Lakhs. However deduction under chap VIA is not available against STCG.

I have tried the same in ITR template of Income tax Department, it is calculating properly. 

 

https://incometaxindiaefiling.gov.in/portal/individual_huf.do

for downloading form

Regards

 Hitesh

 

Reply
On 08 October 2010 at 14:36

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. How to correct a NIL GST return filed by mistake w
  2. Is it legally permissible not to report F&O lo
  3. Query on FCTRS
  4. APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
  5. Advance for supply of goods
  6. Question for members: how do you manage client doc
  7. Clarification Required on Invoicing and Receipt of
  8. SEBI Registered VS NSDL Registered RTA
  9. Income tax or capital gain tax for Resident Indivi
  10. PCIT-1 Thane Email address

More recent discussions | Post

Related Topics :

Loading