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.???
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
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