Capital gains-whether taxable
This query is : Resolved
12 November 2021
Hi All
One of my clients is having income as only from capital gains.
Income is below taxable limit. Whether it is taxable?
Whether investments u/s. 54 is to be done to claim exemption?
Thanks in advance.
One of my clients is having income as only from capital gains.
Income is below taxable limit. Whether it is taxable?
Whether investments u/s. 54 is to be done to claim exemption?
Thanks in advance.
12 November 2021
NO. It will not be taxable.
Investment u/s. 54 will not be necessary, if not taxable; better file return.
Investment u/s. 54 will not be necessary, if not taxable; better file return.
12 November 2021
Suppose in the same case, if Rs. 50000 is taxable. whether it is necessary to make investment u/s.54?
12 November 2021
NO.
Better to pay 20% tax on that 50K, rather than investing in any house property.
Better to pay 20% tax on that 50K, rather than investing in any house property.
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13 November 2021
If you are in the process of buying / constructing other residential house, then you may claim deduction u/s 54 in respect of Long-Term Capital Gain against sale of residential house. If the gain has arisen from sale of any capital asset other than residential house, then you may claim deduction u/s 54F or invest the capital gain in bonds u/s 54EC.
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