income from tbill & gsec are taxed in short term capital gain or regular slabs?
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 03 July 2024
- Bonds and SDL: Interest credited to the bank account is considered income from other sources, and taxes have to be paid according to the income tax slab. Appreciation in bond prices is considered capital gains, and Long Term Capital Gains (LTCG) are 10% flat. Short Term Capital Gains (STCG) are as per the applicable slab rate. There is no Tax-deducted-at-source (TDS) for the interest payments received for G-secs.
- T-bills: T-bill are bought at a discount and sold at par. The appreciation is considered as STCG and taxed as per the applicable slab rate.
neha
(Others)
(420 Points)
Replied 05 July 2024
so if a person has invested in tbills since it stcg its at 15% tax right? and we use itr 2?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 05 July 2024
15% slab is u/s. 111A is for equity based units.
Not for such ST cap gain. Here it is taxed as per slab rate.
Yes, ITR 2 can be used for its declaration.
neha
(Others)
(420 Points)
Replied 05 July 2024
if i have no gains from shares but income from tbills , i can use itr 1 then and show the income from t bills as income from other sources?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 06 July 2024
Yes, possible if the amount is not very big.
neha
(Others)
(420 Points)
Replied 07 July 2024
if i use it2 then where m i supposed to declare this income ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 07 July 2024
Short term CG u/s. 111 IT act, in Schedule CG.
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