For Senior citizens, is there income tax on Equity shares/mutual funds LTCG above Rs 1 lakh? Even though taxable income is below 3 lakhs exemption limit?
Shreeram Bhat (1 Points)
09 February 2023For Senior citizens, is there income tax on Equity shares/mutual funds LTCG above Rs 1 lakh? Even though taxable income is below 3 lakhs exemption limit?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 09 February 2023
LTCG on equity base shares/MF above 1 lakhs is definitely taxable; but only if the net taxable income is above 3 lakhs. The LTCG is adjustable under basic exemption limit.
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