Income Exemption for A.Y. 2024-25

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For the Assessment Year 2024-25, individuals opting for the new tax regime can earn up to £7 lakh without paying tax. However, this exemption is affected by other income sources like dividends and long-term capital gains. While £1 lakh of long-term capital gains may be exempt, any amount exceeding this, along with dividend income, could create a tax liability if the total income surpasses the £7 lakh threshold. The rules for HUFs may differ from individuals.

SHAHNH

SHAHNH (Querist)

22 January 2024 For A.Y. 2024-25 they say no tax payable till 7 lakhs… if an individual has dividend income of 5 lakhs & other income 1 lakh , will it qualify for exemption

Thanks in advance

RAJA P M

RAJA P M (Expert)

22 January 2024 Yes, If he is opted to new Tax Regime..

SHAHNH

SHAHNH (Querist)

22 January 2024 Thanks for your prompt revert.
Also if there is a long term capital gain of 2 lakhs in addition to it will there be any tax liability

RAJA P M

RAJA P M (Expert)

22 January 2024 Yes, Tax liability is there. Please check before opt or out in both regime

SHAHNH

SHAHNH (Querist)

23 January 2024 Thanks 🙏🏻

In new regime 1 lakh long term capital gain is exempt so only 1 lakh be added to the total income which will come to 7 lakhs … so in that case will there be any tax liability

&

For A.Y. 2024-25 they say no tax payable till 7 lakhs… if an HUF has dividend income of 5 lakhs & other income 1 lakh , will it qualify for exemption … will it be same as individual

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