Ask Value Research

Should I file income tax returns?

A senior citizen must file income tax return if s/he is earning more than the prescribed threshold, which is Rs 3 lakh for FY 15-16

Research Desk

I am a Senior Citizen. I have no taxable income. For F/Y 2015-16 I sold equity mutual funds and made a Long Term Capital Gain of ₹3.20 lakh. Am I required to file tax return because my capital gain is more than ₹3 lakh?
- Nanalal Shah

A senior citizen must file income tax return if s/he is earning more than the prescribed threshold, which is ₹3 lakh for FY 15-16. As your income from capital gain is more than ₹3 lakhs, it is advisable to file tax return. Though your income tax liability is nil because you made long-term capital gains on equity mutual funds, you will be required to fill ITR-2 to file your returns.

This article was originally published on February 02, 2017.

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