Hi - My wife had made some short term gain by selling shares. Her total income from share + FD interest is less than 1 lac.
Does she still have to file a income tax return ? Plz suggest.
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Short term gain tax vs Income Tax
Replies (2)
Mr.Jignesh
As per the provisions of section 139 (1) (b) of Income-tax act, 1961 your wife need not file any return of income as her total income for the year under consideration has not exceeded the exempted limit. Any how it is better to file the return of income. You can show the records for availing any loans from banks etc., Before filing the return of income you must keep ready all the information regarding the sources of income etc., . After filing the return of income IT authorities may ask for those details.
Best Wishes
Sathikonda
As per Income tax Act, it is not mandatorily required to file income tax return if gross income is less than exemption limit. But you can can file if you wish.
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