Jayesh (Proprietor) (141 Points)
14 February 2022My 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.
Jayesh
(Proprietor)
(141 Points)
Replied 14 February 2022
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?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 14 February 2022
Due to AIS reporting, it is better to file ITR 2 in either case....
SUBIR PAUL
(4 Points)
Replied 15 February 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 15 February 2022
@ 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...
CAclubindia
