Capital gain tax

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  1. AKD

    AKD Member

    Is a senior citizen who does not file income tax return as because her gross annual income from all sources is less than Rs. 250000/- gains some small amount,not more than a few thousands, by redeeming mutual funds(growth) within one year of investment liable to pay short term capital gain tax?
    If yes, how to pay it?
  2. Anand Jain

    Anand Jain Member

    If the total taxable income after including the gains arising from sale of mutual fund is less than the minimum amount chargeable to tax - then income tax return is not required to be filed.

    If any tax is payable on your total income - then income tax return would be required to be filed.
  3. AKD

    AKD Member

    Thank you for quick reply.
    One point of clarification is required.
    What do you mean by 'total taxable income' ?
    Is it gross income before deductions?
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