i have net lost in short term capital gain amount rs 45000 and net lost in option 39000 , i have no other source of income , and i am student , do i need to pay tax ?
Dear Sir,
Hope you are doing well !!
No, you are not required to pay any taxes on the same as your income is below the exemption limit.
However, it is advisable to file income tax return and show the same.
Also, you can set off the short term capital losses against short term & long term capital gain income.
It is advisable to take a phone consultation for detailed discussion.
Hello,
No tax would be payable if you don't have any other income.
While you will be required to file the income tax return to declare this loss and claim it in the future for set off from the future gain that you will make.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hello Sir,
No, you don't need to pay any tax if you don't have any other income.
As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh.
If this is your only income and you dont wish to carry forward such loss then no need to file return of income as you have just incurred loss.
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Thank you.
Hi,
No, you don't need to pay any taxes in this situation since you have incurred only losses.
Please give me your email I'd's for further communication, I prefer communication through email
Dear Sir,
You need to once take a phone consultation for further discussion.
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Take a phone consultation for better resolution.
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