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Short Term Capital Gain Tax in case of Senior Citizens

Bhavesh (Accounts) (158 Points)

25 March 2024

Hello Freinds, I have a query related to Short Term Capital Gain Tax in case of senior citizens, during FY 23-24, An senior citizen has a gain of Rs.1.50 lakhs from sale of Listed shares and saving FD interest of Rs. 1 lakh and he/she is not active or not working and has no other income other than above. so want to know how the Income will be taxed and what are the way for exemption for capital gain tax. hopefully to receive an answer.

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5 Replies

sabyasachi mukherjee (27574 Points)
Replied 25 March 2024

Senior citizens upto 5 lakhs exempted

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Khush Trivedi (3946 Points)
Replied 25 March 2024

In my opinion the short term gain of shares will be taxable under action 111A of Income Tax Act under the head of capital gain

As per section 111A the short-term
capital gain shall be reduced by the unexhausted basic
exemption limit and the balance shall be taxed at 15%.

for senior citizens The basic Exemption limit is Rs. 5 Lakhs hence the total income of the senior citizen which toy are Talking about will be STCG of Rs. 1.5Lakhs + Interest income of Rs. 1 Lakhs Total will be 2.5lakhs hence No taxability will arrise

sabyasachi mukherjee (27574 Points)
Replied 25 March 2024

I hv not purposely gone into such intricate details, let the querist post values. I am aware of the section

Bhavesh (Accounts) (158 Points)
Replied 26 March 2024

Hello sabyasachi I had already reavled the values only confusion exists in case of senior citizen and super senior citizens, the assessee age is 68 years and has no other income than above.

Bhavesh (Accounts) (158 Points)
Replied 26 March 2024

Originally posted by : sabyasachi mukherjee
	I hv not purposely gone into such intricate details, let the querist post values. I am aware of the section

The values posted above is true and has no other income than stcg and Fixed deposit interest. The age of the assessee is 68 yrs. so want to know exact exemption limit and also if coming under tax liability how can we claim an exemption.