My son turned 18. The only income he will have is due to sale of Mutual Fund units. Say, 2 lakhs LTCG. Is it okay to not file tax returns? I understand the benefits for filing Nil returns but just want to confirm that it's perfectly okay to not file tax returns in his case?
Thank you.
In the above example, if LTCG is 3.4 lakhs and Taxable LTCG after 1 lakh exempt is 2.4 lakhs, does he need to file tax returns?
Due to AIS reporting, it is better to file ITR 2 in either case....
Okay - thank you Dhirajlal and Eswar.
@ Subir Paul..
As per rules your aggregate income is below exemption limit, so its not mandatory to file return.
In case of any query from ITD in future, you may reply with the total aggregate income details...
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