Do I have to pay income tax after Ltcg?

Long term capital gains accrued from selling equity shares and equity-oriented mutual funds are exempt from tax up to Rs 1 lakh in a financial year. This reduces the total taxable income of a taxpayer. Filing income tax returns is mandatory for individuals with income of more than Rs 2.5 lakh.

Is there any limit on Ltcg?

The exemption limit is Rs. 5,00,000 for resident individual of the age of 80 years or above. The exemption limit is Rs. 3,00,000 for resident individual of the age of 60 years or above but below 80 years.

Post these shares becoming, long term assets, whenever you sell them you will be liable to tax at 10% on the LTCG exceeding Rs. 1 Lakh if you sell your shares post 31 March 2018. However, here LTCG made up till 31 January 2018 will not be affected. Only the gains made after that date will be taxed.

Do you have to pay LTCG on capital gains?

For capital gains to arise, there must be a taxable transfer. Under the Income Tax Act, transfers by way of inheritance, gift between family members and partition of HUF are not taxable transfers. For LTCG/STCG to apply, the transfers must not be part of your business and profession.

What is LTCG on sale of foreign stocks?

I am Indian resident and want to sell stocks of foreign (USA) company after holding them for more than 3 years. This would be considered as LTCG. Would LTCG tax rate be flat 20% in this case?

Do you have to pay tax on LTCG in India?

Yes, it is taxable in India @ 20% of LTCG u/s 112 of the Act. However, if your total income is up to Rs. 250000/- then you will not be liable to pay any tax.

Is there short term capital gains tax ( STCG )?

Assets hold before the specified holding periods are subject to Short Term Capital Gains Tax (STCG). This is generally imposed at slab rate. There was no LTCG on stocks and mutual funds before 2018, however Budget 2018 introduced LTCG of 10% for these assets.