Tax queries

[Indianhero6607]

I

Indianhero6607
PARTICIPANT
April 11, 2025 at 10:00 pm

If I earn a 1 lakh profit of my 5 lakh investment with in one year, short term
Do I have to pay tax on it as STCG Tax.
NOTE: My income from other sources is zero this is 1 lakh profit is the only money i earned, my family comes under 12 lakh of basic income.

What is my net tax ???

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[Desilata5960]

D

Desilata5960
PARTICIPANT
April 12, 2025 at 12:22 am

Yes that’s right.You will have to pay STCG @ 20 % on your profits and an individual has to pay taxes on his or her capital gains even if his or her other sources of income are zero.

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[Niharikarider869]

N

Niharikarider869
PARTICIPANT
April 12, 2025 at 4:35 am

Basic exemption limit is still available for STCG and LTCG (3L for last FY and 4L for this FY).

Basic exemption limit is not available only for special incomes like crypto

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[Niharikarider869]

N

Niharikarider869
PARTICIPANT
April 12, 2025 at 4:33 am

What do you mean by family coming under basic income of 12L? Income tax is calculated individually for everyone, there is no family level IT computations ( There is clubbing of income in some cases).

If 1L profit is the only income you have there is no tax as it comes under basic exemption limit ( 3L for FY 2024-25 and 4L for FY 2025-26)

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[Indianhero6607]

I

Indianhero6607
OP
April 12, 2025 at 4:51 am

I meant the 5 lakh i am supposedly using to trade is comming from my fsther and he is also under the the 12 lakh income

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