Capital gain taxability
This query is : Resolved
11 February 2013
An widow and her daughters family thrives on pension income only, which is below basic exemption limit.Say 1.2 lakhs. Now they want to sell either 1. House 2. Jewelery 3. shares Assuming the amount to be 6 lakhs. What would be their capital gain tax liability?? How they can avoid the same.. Please help!!
11 February 2013
If the shares are held for more than 1 year-
sell them first as such Capital gain is treated as LTCG and is exempt from Capital Gain Tax.
.
I do not advise to sell House as in the old age the widow will require a Shade on her head. Similarly jewellery will be required on her daughter's marriage.
.
sell them first as such Capital gain is treated as LTCG and is exempt from Capital Gain Tax.
.
I do not advise to sell House as in the old age the widow will require a Shade on her head. Similarly jewellery will be required on her daughter's marriage.
.
11 February 2013
Dear Abhijat,
The taxability shall depend on the cost of the asset to be sold, the period of holding, ownership of the asset (whether held separately or jointly).
The taxability shall depend on the cost of the asset to be sold, the period of holding, ownership of the asset (whether held separately or jointly).
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