If my LTCG (from selling my house) is negative after indexation and if my total income without adding negative LTCG is less than the maximum amount not chargeable to tax, am I still required to file tax form?
For FY 2013-14:-
Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds
the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The maximum
amount not chargeable to income tax in case of different categories of individuals is as follows:-
In case of individuals below the age of 60 years - Rs.2,00,000
In case of individuals, resident in India, who are of the age of 60 years or more but less than eighty years at any time during the financial year 2013-14 - Rs.2,50,000
In case of individuals, resident in India, who are of the age of 80 years or more at any time during the financial year 2013-14 - Rs.5,00,000
In Schedule SI, under section 112, one is required to disclose Long term capital gains (with indexing) and under section 112 proviso, Long term capital gains (without indexing) needs to be disclosed
It is always advisable to follow the income tax guidelines and if there is any confusion, one should consult feel free to consult a tax professional. For further guidelines on ITR, please refer to the following link:
It may not be necessary to file taxes if you fall under a non-taxable bracket. However, it is good to file your taxes because it is required by banks for granting loans. Also, filing your return is necessary to get your tax refunds. So, even if you have no taxes to pay, do file your return.