Capital gains exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Hi,
A senior citizen has sold a land for Rs 8.4L in 2012 which was purchased in 2004. I would like to know whether basic exemption limit of Rs 2.5 lakhs can be used while computing capital gains tax.
Also I would like to know whether there is any specific limit for Long term capital gains.
Thanks in advance..
A senior citizen has sold a land for Rs 8.4L in 2012 which was purchased in 2004. I would like to know whether basic exemption limit of Rs 2.5 lakhs can be used while computing capital gains tax.
Also I would like to know whether there is any specific limit for Long term capital gains.
Thanks in advance..
29 March 2012
If the assessee does not have any other income then the limit of Rs. 2.5 lakhs shall be reduced from the taxable LTCG and tax shall be payable only on the balance amount.
There is no separate exemption limit for LTCG. The whole amount of LTCG is taxable @ 20%.
There is no separate exemption limit for LTCG. The whole amount of LTCG is taxable @ 20%.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Thank you Siddartha...
29 March 2012
You are welcome. You should use the thanks button to convey your thanks.
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