Tax liability
This query is : Resolved
ANIMESH PANDEY
(Querist)
19 August 2014
Sir , i am a Resident assessee . my age is around 82 years of old . my gross total income is Rs.356500 including long term capital gain of Rs. 145000 on sale of a portion of my house property. My queries are:-
1. shall i get the slab benefit ? if yes,then my tax liability would be nil ?
2. shall i be required to file my i.t.r ?
1. shall i get the slab benefit ? if yes,then my tax liability would be nil ?
2. shall i be required to file my i.t.r ?
CA P K AGRAWAL
(Expert)
21 August 2014
You are not liable to pay income tax nor liable to file income tax return, because LTCG and other incomes total value is less than I.T. Exemption limit, u need not to pay tax on that. And in your case, u will enjoy I.T. Exemption limit of Rs.5 lacs [claiming Super Senior Citizen status]
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