Will my capital gains below ₹5 lakh be taxed if I have no other income?

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—Name withheld on request As per the provisions of Income-tax Act, capital gains arising from transfer of a long-term capital asset being equity share in a company or units of equity oriented mutual fund, shall be taxed at 10% (plus applicable surcharge and cess) on capital gains exceeding ₹1 lakh, if STT (securities transaction tax) has been paid at the time of acquisition and transfer of such capital asset. LTCG arising from other capital assets are taxed as per the respective/applicable provisions and tax rates.

An individual, qualifying as resident as per the provisions of Income-tax Act, is eligible to consider the benefit of progressive slab rates and can adjust the basic exemption limit ( ₹3 lakh under new default tax regime and ₹2.5 lakh under old tax regime for non-senior citizen taxpayers) against LTCG, as may be remaining after adjustment against incomes other than capital gains, to the extent prescribed. Further in case of a resident individual, tax rebate of up to ₹25,000 is available where total income does not exceed ₹7 lakh (under new tax regime) or up to ₹12,500 where total income does not exceed ₹5 lakh (under old tax regime).

However, such benefit is not available in case of LTCG arising from sale of equity share / units of equity oriented mutual fund, taxed at special rate of 10%. Thus, on an assumption that the LTCG of ₹4 lakh is arising from sale of STT paid equity shares/equity oriented mutual funds, LTCG up to ₹1 lakh is not taxable.

The balance LTCG of ₹3 lakh shall be adjusted against the available basic exemption limit under the new tax regime, provided you are a tax resident of India for the relevant financial year and assuming you do not have any income other than the LTCG. Parizad Sirwalla