Income under ltcg
This query is : Resolved
13 November 2015
Dear Sir,
An assesse aged 73 years having income from Long Term capital gain of Rs.2775.00 and apart from that he has income from Interest on Fixed deposits of Rs. 1.60 Lacs. My question is that when he is filing ITR- 2 Long Term capital gain Tax @ 20% on Rs.2775.00 is not calculating. Please tell why the Return is not calculating Tax @ 20% on the income from capital gains.
Your reply would be helpful for me. Please suggest at the earliest.
Thanks,
Abhishek.
An assesse aged 73 years having income from Long Term capital gain of Rs.2775.00 and apart from that he has income from Interest on Fixed deposits of Rs. 1.60 Lacs. My question is that when he is filing ITR- 2 Long Term capital gain Tax @ 20% on Rs.2775.00 is not calculating. Please tell why the Return is not calculating Tax @ 20% on the income from capital gains.
Your reply would be helpful for me. Please suggest at the earliest.
Thanks,
Abhishek.
13 November 2015
Dear Mr. Abhishek
Tax rate of 20% is the higher rate for LTCG. Since his income is below 20% tax slab rate, so it will be calculated @ below rate, that's why its not calculating.
Tax rate of 20% is the higher rate for LTCG. Since his income is below 20% tax slab rate, so it will be calculated @ below rate, that's why its not calculating.
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13 November 2015
His total income is below the taxable limit.
sathish
sathish
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