Smart Tax moves to optimise tax before March 31

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As we are nearing end of Financial year, note these points to save Capital gains tax

(Long term capital gains/loss = For  holding period more than 1 year

Short term capital gains/loss = For holding period less than 1 year)

-  1 lakh profit in a Financial year is exempt as Long term capital gains. So book profits in shares & mutual funds together upto 1 lakh, and reinvest 

- If profits are more than 1 lakh, check if you can book loss in any of the holdings to set off. You can buy back the next day

- Short term capital gains are taxed at 15%, book losses and buy back next day to set off any profits. 

- Both Long and short term losses can be carried forward for 8 years. So booking losses can help save future taxes. ( Make sure you file IT returns on time)

- LTC losses can be set off against LTCG only. STC losses can be set off against ST and LT capital gains

- Futures & Options profit /loss will be taxed along with normal tax slab.

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