Capital gain
This query is : Resolved
Prakash Rao
(Querist)
08 December 2017
My brother sold residential house during the year 2015-2016 financial year and works out capital again of Rs 650000 and filing it return in this monthMy qtn is whether he can avail basic it exemption of Rs 250000 and pay 20 tax on balance amount since he is having income 54000 for the above and also he is senior citizen pl suggest
CMA Ramesh Krishnan
(Expert)
09 December 2017
Yes. He can avail the basic exemption against LTCG provided he is not having any other source of Income, Please refer Sec.112 of the act
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