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YOUR QUERIES: INCOME TAX: You can adjust basic exemption limit against LTCG/ STCG
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By Chirag Nangia
I am a B.Tech student and earn up to Rs 2 lakh from tuition and have some LTCG and STCG. Which ITR form is to be filed? My income is less than Rs 2.5 lakh. Will I pay tax on STCG if my LTCG is less than Rs 1 lakh?—Nakul Dhal Indian tax laws mandate individuals to necessarily furnish return of income only when their gross total income in a financial year exceeds the basic exemption limit. The exemption limit for FY 2020-21 for an individual of below 60 years of age is Rs 2.5 lakh. We assume that Long Term Capital Gains (LTCG)/ Short Term Capital Gains (STCG) have arisen on sale of shares held as investment.
Any LTCG on transfer of listed shares, held for a period more than one year are taxed at a flat rate of 10%, if such
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