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Stcg / ltcg

12 February 2021

i have total income for full year is rupees 85000 from sale of mutual fund
long term capital gain is 40000
and
short term capital gain is 45000

should i file it return?
or should i pay capital gain on short term?

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4 Replies

Anoop Bansal (student ) (199 Points)
Replied 13 February 2021

You should file return and you don't have any need to pay taxes as your all gains will adjust from basic limit

2 Like

Online Query (CA Final Student) (120 Points)
Replied 18 February 2021

Yes return is required to file but no tac

1 Like

Durgesh Vashisth (Financial Consultant) (252 Points)
Replied 18 February 2021

Dear Mr. Nitin,

No need to file ITR for the said period because your income nor exceeding the basic assumption limit.

Josh (Manager) (124 Points)
Replied 18 February 2021

In case there is any TDS deducted against your account (check on Traces site/ 26AS) you can file ITR and claim refund. (TDS may be deducted on interest/ dividend earned). Else, you need not file ITR as your income is below threshold. You will not however be liable for any tax for mentioned income.

However in some circumstances you will have to mandatorily file ITR like-

Ii) if deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or

(ii) if incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or

(iii) if incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity;

(iv) holds any asset located outside India or has signing authority in any account located outside India; or

(v) is a beneficiary of any asset located outside India,

1 Like