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tax on Long term capital gain

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This query is : Resolved

manish (Querist)
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04 August 2009 if have transfer a capital assets and make a gain rs 170000/- I have not used indexation what is tax due on that income 10%,20%

can I have take basic exemption rs 150000

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 August 2009 The 10%/20% option is allowable only for capital gains arising from listed securities or units and zero coupon bonds only. Here also u have to compute the tax @ 20% with indexation and @ 10% without indexation and if the first said amount is more than the second mentioned amount, the u can opt 10%.

Capital gains tax arising out of assets other than those mentioned above has to be, necessarily, calculated @ 20% itself.

If the assessee has no other income, then basic exemption amount can be deducted from the capital gains and need to pay income tax only on the balance amount of capital gains.

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