Long term capital gain
This query is : Resolved
03 June 2015
If their are long term capital gain whether basic exemption limit under Income Tax Act available or not please guide me.
04 June 2015
LTCG is taxable at a special rate and hence exemption limit benefit is normally not available. However, for resident individuals who are citizens of India and H.U.F. exemption limit benefit is available for LTCG only if it cannot be fully utilized against income taxable as per slabs. In other words, the income which is taxable as per slabs is to be first adjusted against the exemption limit and if such income is below the exemption limit then the remaining exemption limit can be adjusted against the LTCG by the persons stated above.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- NRI INSURANCE ADVISOR
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- LIABILITY ADJUSTMENT
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
