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Will I Have to Pay Tax on ₹5 Lakhs Short-Term Capital Gain From Mutual Funds in 2023?

Yogendra Arora |34 Answers |Ask -Follow

Tax Expert - Answered on Feb 20, 2025

Yogendra Arora is the founder of Y Arora Associates And Chartered Accountants, a tax consultancy firm based out of Kanpur.
He has over 11 years of experience in auditing and consultancy.
Before starting his own consultancy, Yogendra, a commerce graduate from CSJM University, Kanpur, worked with ICICI Bank and Indusind Bank as credit manager between 2013 and 2018.... more

Question by Manoj on Feb 01, 2025Hindi

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Apart from 2 lakhs from FD and SB interest, If i have short term capital gain in Mutual funds of 5 lakhs then will i have to pay any tax ?

Ans: Yes you have to pay tax on Short term capital gain, being special tax rate income is not covered in rebate U/s 87A.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir i am housewife. I have no earning. Got 4 lakh long term capital gain from mutual fund. Shall i pay tax and file incometax

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Sir, I have short term capital gain of Rs. 6,50,000 in India in FY 2024-25 and no other income. Will I have to pay income tax?

Ans: Yes. You will have to pay Income Tax on Short Term Capital Gains. In this case first 2.50 lakhs shall be covered under basic tax limit (under Old Regime) & on balance of Rs.4.00 lakhs, you will have to pay tax @ 20%.
In case of new tax regime basic exemption limit will be Rs.3.00 lakhs & on balance Rs.3.50 lakhs you will pay tax @ 20%. Cess shall be extra in both cases..
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Asked by Anonymous - Dec 31, 2024Hindi

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My short term capital gains listed shares and equity mutual funds is Rs 3,00,000 and salary 1,80,000 Total 4,80,000 From 1-4-24 to 31-3-25 How much tax I have to pay I am 52 years Mohan Satpal

Ans: Your income is below 7 lacs and gross tax liability will be 16380. Under new tax regime, you are eligible for rebate upto 25000. However matter is litigative. As per recent judicial decisions, rebate is available even against income taxable as per provisions of 111A.

Accordingly, in my view, tax liability will be Zero

You can calculate tax liability from income tax calculator available at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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My salary income will be Rs 12 lakh and expect a long term capital gain of Rs 2.5 lakh from mutual funds. What will be my income tax liability?

Ans: Please confirm, which Financial year you are referring ?
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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