Capital gains tax for women (sr. citizen)
This query is : Resolved
Sanjiv Mitragotri
(Querist)
13 November 2011
Hi,
I wanted to understand the treatment of capital gains tax for women who is a Sr. Citizen and does not have any other income. The capital gain is as a result of selling the property jointly held with her son, which has been sold of earlier this year. The property was purchased in 2000, so I believe the tax will be long term capital gains tax, if any.
What I would like clarification is about -
- What is the exemption limit for Women Sr. Citizens?
- What is the applicable % of tax, beyond the exemption limit, if the capital gains exceeds that limit?
Regds
I wanted to understand the treatment of capital gains tax for women who is a Sr. Citizen and does not have any other income. The capital gain is as a result of selling the property jointly held with her son, which has been sold of earlier this year. The property was purchased in 2000, so I believe the tax will be long term capital gains tax, if any.
What I would like clarification is about -
- What is the exemption limit for Women Sr. Citizens?
- What is the applicable % of tax, beyond the exemption limit, if the capital gains exceeds that limit?
Regds
CA PARAS BAFNA
(Expert)
13 November 2011
Upto 250000/- she has not to pay tax.
On the balance amount of LTCG she will be liable for tax @ 20%.
On the balance amount of LTCG she will be liable for tax @ 20%.
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