Query on Capital Gains Taxability

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Would i have to pay tax on capital gains if Income other than capital gains (After section 80C decuction) + Long Term Capital Gains is less than the minimum threshold limit? Let me explain with an example:

Lets say i have the following income and deductions for the previous year:

  1. Income from other sources : Rs 2,00,000
  2. Long Term Capital Gains : Rs. 60,000
  3. I have invested Rs. 1,00,000 towards section 80C

In the above case, my Income other than LTCG after deduction of section 80C comes to Rs 1,00,000. Adding LTCG to this makes my Total Income come to Rs. 1,60,000 which is less than the Mimimum Tresold Limit of Rs. 1,60,000 and hence i dont have to pay tax on my income.

Is my above reasoning correct? Please advise.

1 Answers

Your calculations are correct.

As your net taxable income (after 80-C deduction) is less than taxable threshold, no income tax is payable.

Even if you fill these records in ITR2 excel, it will also show you nil tax.

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