Have only short term capital gain and bank interest

Income Tax Income from Capital Gains
1

Taxable Income is less than 15k.
13k from STCG and 2k from bank interest.
I know have to go with ITR-2.
Not sure about should tax be paid for the short term gain?
Need help on it

2

If you have only short-term capital gains and bank interest income, your taxable income is limited to these two sources. Ensure you report both accurately while filing your returns. Proper documentation and timely tax payments help avoid penalties and keep your financial records clear and compliant with tax laws.

3

Hey @ragulr

You are eligible for a basic exemption limit of ₹3,00,000 (₹2,50,000 under the old tax regime). STCG on equity (taxable under Section 111A) are subject to a special tax rate, but this applies only when your total income exceeds the basic exemption limit. If your other income (such as interest from banks) is below the exemption limit, the unused portion of the limit can be used to offset your STCG.

Hope this helps!

1 Like
4

If you have only short-term capital gains and bank interest, both are taxable as per your income slab. Short-term capital gains on shares (under Section 111A) are taxed at 15%, while bank interest is taxed as regular income.

5

Is it mandatory to file return or can skip it?