Hi
I need to file tax return for one of my family members. The only income he has is Short Term Capital Gain. There is no other income. The total short term capital gain for the FY 2012-13 is less than rs.50000/- Will it be covered under the minimum exemption limit and hence there is no need to pay tax? Shall appreciate an early reply, as we have to file the returns. Thanks in advance
If ur relative is resident than no tax, as income below taxable limit (for any stcg even though of 111A) & if ur relative is non resident & stcg is the one referred in 111A then no benefit of basic exemption will b liable to tax.
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