Capital Gains Tax-Limit up to which exempt from submission of Return.

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  1. bvlnrao

    bvlnrao New Member

    My wife, a Senior Citizen (67 yrs.) had the following income this year.
    Long Term Capital Gain in share trading Rs. (-) 21096
    Short Term Capital Gain in share trading Rs. 421846
    Speculative Business income (intra-day share trading) Rs. (-) 7280
    Mutual Funds (sold after one year of holding) Rs. 238371
    P/L in Futures & Options Trading Rs. (-) 42380
    Total Rs. 351090

    Kindly let me know whether the profit on Mutual Funds sold after one year of holding
    is exempt from Tax.
    Kindly let me know whether the other deductions are admissible.
    Kindly let me know the limit up to which she is exempt from submission of the Return so that she can book some unrealized losses in shares so as to be within the said limit.
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