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Capital gain
My brother sold his residential house in the F Y 2015-2016 and calculated capital gain Rs 650000.My qtn is whether he can availBasu exemption of Rs 250000 since his annual income is Rs 54000 and also he is senior citizen and pay the tax I.e 650000-250000 and pay capital gain tax @ 20Pl suggest
Replies (3)
Yes... He can...
As per senior citizen he claim Rs. 3lakhs basic exemption limit...
Income + CG = 700,000 - 300,000 = 400000...
Taxable amount Rs. 400,000..
As per senior citizen he claim Rs. 3lakhs basic exemption limit...
Income + CG = 700,000 - 300,000 = 400000...
Taxable amount Rs. 400,000..
Yes, capital gain tax over Rs. 4,04,000/- at 20% + cess + interest......
Dear Sir.,
Thank you for the Correction. I'm wrongly put the income value Rs 50k...
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