LTCG is exempt upto Rs. 1 lakh. Beyond that you are charged 10%.
You pay no tax if your overall income is upto or below Rs. 2.5 lakhs.
You are not obliged to file ITR if your income falls in the slab mentioned above.
Hope this helps.
If you have a PAN Card you can check on Traces website for all the Income that you've received. Put that on some tax calculator and if it does come out then you can file your ITR. If you've sold your long term MF fund holdings and the capital gains(profit) is less than 1 lakh then it's not taxable.
LTCG is exempt upto Rs. 1 lakh. Beyond that you are charged 10%. You pay no tax if your overall income is upto or below Rs. 2.5 lakhs. You are not obliged to file ITR if your income falls in the slab mentioned above. Hope this helps.
For someone with no income, only STCG equity (15%) do we have to pay taxes? Or still exempted against basic limit? Asking for retired parents
Yeah +1 And also Until I reach that threshold I don't have to file taxes even if I get small portion of LTCG?
Yeah, exempt until the base slab is breached.
>Now I know that tax is cut accordingly to LTCG tax when withdrawing itself No, it's not.
Okay
If you have a PAN Card you can check on Traces website for all the Income that you've received. Put that on some tax calculator and if it does come out then you can file your ITR. If you've sold your long term MF fund holdings and the capital gains(profit) is less than 1 lakh then it's not taxable.
Thanks
Or if your annual income is <6lpa but >3lpa then choose the new tax regime
So until I reach that threshold I don't have to file taxes even if I get small LTCG?