A low latency transmitter and receiver for an OFDM system are disclosed. The low latency transmitter includes an FFT module and a baseband modulator. The FFT module computes IDFT of PSK constellation data symbols or QAM constellation data symbols. The baseband modulator performs complex modulation of the IDFT samples by multiplying these samples with 1 and −1 alternatively in time domain. The low latency receiver includes a baseband demodulator and another FFT module. The baseband demodulator performs complex demodulation of the received samples of OFDM symbols by multiplying the samples of OFDM symbols with 1 and −1 alternatively in time domain thereby obtaining baseband demodulated symbols. The FFT module of the receiver computes DFT of samples of the baseband demodulated symbols to obtain samples of the OFDM demodulated symbols.