Income Tax Return (ITR) filing: All you want to Know

News, Taxation

If I have capital gains tax from selling shares of more than Rs 1 lakh, but no other income, will I have to file tax? I am a housewife and I trade in shares sometimes. —Leena Thakkar

Obligation to file the income-tax return arises when income exceeds the threshold limit specified in this behalf (that is, Rs 2,50,000 if the age is up to 60 years and Rs 3,00,00 if age is more than 60 years). In your case, you shall not be required to file income-tax return as your income is below the threshold limit.

I am a college lecturer. Since I am not a permanent employee yet, I get a lumpsum amount and not a salary. Since there is no break-up of HRA, gratuity, etc, can I claim any tax benefit? My total annual salary is Rs 6 lakh. —Himani Rawat

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