Whether slab benefit available on long term capital gain?
This query is : Resolved
06 March 2013
Dear Sir,
We have a client who has long term capital gain during the A.Y.2013-14 around 13 lacs & she also has income from tutions around 3 lacs.
While computing her Advance tax liability, I want to make it clear that whether I can avail the benefit of slab while computing the tax on long term capital gain or at flat 20%?
Please help me out.
We have a client who has long term capital gain during the A.Y.2013-14 around 13 lacs & she also has income from tutions around 3 lacs.
While computing her Advance tax liability, I want to make it clear that whether I can avail the benefit of slab while computing the tax on long term capital gain or at flat 20%?
Please help me out.
CA Suraj Lakhotia
(Expert)
06 March 2013
Long term capital would be taxed at flat rate of 20%.
Since other income exceeds minimum amount not chargeable to tax, basic exemption will also be not available
Since other income exceeds minimum amount not chargeable to tax, basic exemption will also be not available
Prakash Tolani
(Expert)
20 March 2013
Yes
LTCG would be taxed at flat rate of 20%
Benefit of slab will be available on other income in your case
LTCG would be taxed at flat rate of 20%
Benefit of slab will be available on other income in your case
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