Long term & short capital gain
This query is : Resolved
23 March 2012
what will be the tax implication status if an individual has long term or short capital gain of rs. 140000/- and no other income in that year.
will the benefit of basic exemption available in both cases of Long term and short term capital gain tax.???
will the benefit of basic exemption available in both cases of Long term and short term capital gain tax.???
24 March 2012
Dear Abhinav
The benefit of basic exemption will be available in case the only income is from Capital Gain. However if the assessee has other income from other heads than the basic exemption will first be adjusted against the income in which no special rates of taxes has been prescribed
Thanks
The benefit of basic exemption will be available in case the only income is from Capital Gain. However if the assessee has other income from other heads than the basic exemption will first be adjusted against the income in which no special rates of taxes has been prescribed
Thanks
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