Capital gain
This query is : Resolved
Prakash Rao
(Querist)
09 December 2017
My brother sold his residential house in the F Y 2015-2016 and calculated capital gain Rs 650000.My qtn is whether he can availBasu exemption of Rs 250000 since his annual income is Rs 54000 and also he is senior citizen and pay the tax I.e 650000-250000 and pay capital gain tax @20Pl suggest
CA R SEETHARAMAN
(Expert)
09 December 2017
Yes he can avail basic exemption of 2.50 lacs and pay 20% tax on balance amount.
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