Scenario 3 : STCG u/s 111A, no other income & Exemption Limit | Example:
Miss Sunitha (resident and age 61 years) is a retired person with no income. She has earned STCG of Rs 3,50,000 on sale of Shares. She does not have any other sources of income. Can she claim Exemption limit on this STCG and save on Tax?
As she is a Resident Indian, she can adjust the STCG covered u/s 111A as well against the Exemption limit. So, she can adjust basic exemption limit of Rs 3 lakh from Rs 3.5 lakh STCG. Se has to pay STCG tax rate @ 15% on Rs 50,000 only.
https://www.relakhs.com/adjust-short-term-capital-gains-against-basic-exemption-limit/
