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..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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%.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 Thank you Siddartha...

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 March 2012 You are welcome. You should use the thanks button to convey your thanks.

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