Income tax to be paid after payment of LTCG/STCG tax

Hi,
Assuming I have a Salary + LTCG for a FY and I am an Individual retail investor,

Do I have to pay Individual Income Tax on the income I get from LTCG, after I have paid for for LTCG Tax?

or should I assume that after I pay taxes for LTCG, that income head is taken care of and can be ignored, and then attend to the taxation of the income from the salary head?

If the 1st scenario is true, isn’t it double taxation?

Hey @Aby_Math ,

Taxpayer has to pay taxes on any income arising under the head of salary, house property, income from other sources, capital gain and business & profession. Taxes are to be calculated one time on the earned or generated income for relevant assessment years.

In your case, if you have computed or paid taxes on LTCG income then you don’t need to pay it again individually. Indeed, rest of your tax liability shall be computed ignoring LTCG income, considering you pay or compute taxes already.

You can refer below tax calculator to determine your tax liability:

I hope, it helps! :slightly_smiling_face:

1 Like

Thank you Kaushal. It really helps.