I have made a short term capital gain >₹1lakh, my question is do I have to pay STCGT, as I’m a student with zero income.
If yes, then how will I be taxed…as I have no income.
Regards
Hey @Akshay_009.
Short term capital gains is a special rate income and is taxed at 15%. In case your total income is below the basic exemption limit, tax liability will not arise for resident individuals.
Learn more about taxation on income from capital gains here.
This means…as I am a resident individual and income is below… exemption limit…so I won’t have to pay tax on my STCG ,till the gain amount is below the exemption limit?
Hey @Akshay_009,
Correct, since you are a resident individual with income below the basic exemption limit, you won’t have the tax liability on your STCG.
However, it is always a good practice to file an Income tax returns and report the transactions, even when there is no tax liability - in such a case you can file a NIL return.