New Tax System
This query is : Resolved
20 November 2023
Hello! Experts,
If my deposit interest income and short-term capital gains in FY24 add up to about ₹6 lakh, do I still need to pay STCG tax and file returns for A.Y. : 2024-25?
Thanks in advance
If my deposit interest income and short-term capital gains in FY24 add up to about ₹6 lakh, do I still need to pay STCG tax and file returns for A.Y. : 2024-25?
Thanks in advance
20 November 2023
Yes, you need to pay short-term capital gains as your income exceed basic exemption limit.
21 November 2023
Thanks!
But for A.Y: 2024-25 it’s said that for income upto 7 lakhs no tax will be payable ( due to increase in standard deduction )
Pl confirm
But for A.Y: 2024-25 it’s said that for income upto 7 lakhs no tax will be payable ( due to increase in standard deduction )
Pl confirm
21 November 2023
Capital gains tax payable.
Go to income tax portal and try to fill ITR with your proposed figure you will capital gains tax payable.
Instead 7 lacs you adopt current figure for AY 2023-24.
Go to income tax portal and try to fill ITR with your proposed figure you will capital gains tax payable.
Instead 7 lacs you adopt current figure for AY 2023-24.
21 November 2023
Thanks.
But find that Rebate under section 87A of Rs.25,000 is proposed for A.Y. 2024-25.
But find that Rebate under section 87A of Rs.25,000 is proposed for A.Y. 2024-25.
21 November 2023
Rebate not applicable for capital gains.
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