Capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2015 I am a senior citizen with an income of Rs.2,20,000. Capital gain (long term)during the year is Rs.20,000 due to redemption of Income Fund of a Mutual fund. Eventhough the total income is less than Rs.3,00,000, should I still pay capital gain Tax on the Capital Gain of Rs.20,000?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 August 2015 No need to pay capital gain tax when total income is less than basic exemption.

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2019 As an extension of the above query: I am a super Senior citizen aged 81 years; my pension plus other income comes to Rs. 3,80,000; Long term capital Gain on selling equity Mutual Fund is Rs.1,40,000.(sold after 24 months of purchase). I have invested Rs.1,50,000 in 80C. As the taxable income is less than Rs.5,00,000 (within non taxable limit), should I still pay Capital Gain Tax. Kindly help me with clarification.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 April 2019 No need to pay capital gains tax as taxable income is less than threshold including capital gains.

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Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2019 Thank you Sir for the clarification given.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 April 2019 Welcome.........

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