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Discussion > Income Tax > Tax queries >

Basic exemption on ltcg

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student


[ Scorecard : 88]
Posted On 11 March 2012 at 15:30 Report Abuse

Whether basic exemption can be claimed in respect of LTCG if the assessee is not having any other source of income?


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RaGHuRaM
The Easy are never Good and the Good are never Easy....


[ Scorecard : 4914]
Posted On 11 March 2012 at 17:58

Yes. The unexhausted basic exemption limit can be claimed against long term capital gain...





Sirisha
Articles >> CA final student


[ Scorecard : 71]
Posted On 11 March 2012 at 23:21

NO, LTCG does not have any exemption limit it is taxable @ a flat rate of 20% on the amount of capital gains




CA SACHIN VIJ
Chartered Accountant


[ Scorecard : 112]
Posted On 12 March 2012 at 00:49

 

YES SLAB BENEFIT IS AVAILABLE AS PER THE CATEGORY OF TAX PAYER

[Tax on long-term capital gains.

SECTION 112. (1) Where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head "Capital gains", the tax payable by the assessee on the total income shall be the aggregate of,-

          (a)  in the case of an individual or a Hindu undivided family, [being a resident,]-

       (i)  the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income ; and

      (ii)  the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent :

                Provided that where the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such long-term capital gains shall be computed at the rate of twenty per cent ;




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CA Ashish Joshi
CA


[ Scorecard : 177]
Posted On 12 March 2012 at 01:29

Agree with Mr.Sachin.



www.bestCAclasses.com
Director


[ Scorecard : 35]
Posted On 12 March 2012 at 08:27

IF THE BASIC EXEMPTION LIMIT IS NOT EXHAUSTED BY OTHER SOURCES OF INCOME.. THE UNEXHAUSTED AMOUNT CAN BE CLAIMED SHOULD BE DEDUCTED FROM THE LTCG .. ONLY THE BALANCE LTCG REMAINS TAXABLE AT 20%.. 




AMAN JAIN
ARTICLE


[ Scorecard : 472]
Posted On 12 March 2012 at 11:40

I AGREE WITH CA. SACHIN, THE UNEXHAUSTED BASIC EXEMPTION CAN BE CLAIMED, AND THE BALNCE AMOUNT SHALL BE CHARGED AT THE APPROPRIATE RATE, MOSTLY @ 20%




binny
student


[ Scorecard : 42]
Posted On 12 March 2012 at 13:37

yes basic exemption limit can be claimed first against LTCG nd thn 111A




Member (Account Deleted)
Article CA (Final) CS (Final) B.Com (H) IIIrd Year


[ Scorecard : 648]
Posted On 12 March 2012 at 20:32

agree wid CA Sachin




CA. Anoop Bhatia
Partner


[ Scorecard : 31]
Posted On 13 March 2012 at 11:58

An individual & HUF can claim the benefit of basic exemption limit from long term capital gain taxable u/s 112. However such benefit is allowable only to a resident assessee.

One must note that yet basic exemption limit benefit is possible but the benefit of deductions under chapter VIA can't be claimed from such long term capital gain income.



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