Capital Gain Exemption u/s 80C

Dear Mr. Sen,

Deduction u/s-80C is available, inter-alia, for the following:

1. Payment of Life Insurance Premium for self, spouse & children,

2. Repayment of principle amount of house building loan,

3. Purchase of NSC(VIII) issue,

4. Interest on NSC (upto 5'th year)

5. Payment of tuition fees for children.

The above deductions shall in your case be limited to Rs. 35000 only, It is not deductable from Rs. 500000.

Regards,

Souvik

Originally posted by : Souvik Kumar Ghosh
	Dear Mr. Sen, Deduction u/s-80C is available, inter-alia, for the following: 1. Payment of Life Insurance Premium for self, spouse & children, 2. Repayment of principle amount of house building loan, 3. Purchase of NSC(VIII) issue, 4. Interest on NSC (upto 5'th year) 5. Payment of tuition fees for children. The above deductions shall in your case be limited to Rs. 35000 only, It is not deductable from Rs. 500000. Regards, Souvik

agreed with SKG

you will get maximum deduction of rs 35000

You can enjoy deduction under 80 C limited to 35,000/-  :)

As said by our friends is correct, as capital gain chargeble to tax under different rate and tax is calculated separately while computing the tax liablity subject to some conditions, hence deduction of Rs. 35000/- can be availed.

You will get deduction of Rs.35000/-,because LTCG is independently taxable at 15%.

As you are resident individual, you will get slab benefit. It means if your total income other than capital gain is below taxable limit, your LTCG will get reduced by unexpired limit of non-taxable limit. i.e.

Max amount not chargeable to tax  Rs. 160000

Your other income Rs. 35000

Unexpired limit Rs. 125000

Hence you have to pay tax on LTCG of Rs. 375000 (500000-125000).

 No 80C deduction is available, as your other income is below taxable limit.

And Mr.Pulkesh Mehta, I would like to correct you that LTCG is not chargeable at 15%, its STCG which is chagable at 15%, and that too if it is u/s 111A. (i.e. Trading in shares at recognised stock exchange, paying STT).

Thank you.

Originally posted by : Anubhav
	As you are resident individual, you will get slab benefit. It means if your total income other than capital gain is below taxable limit, your LTCG will get reduced by unexpired limit of non-taxable limit. i.e. Max amount not chargeable to tax  Rs. 160000 Your other income Rs. 35000 Unexpired limit Rs. 125000 Hence you have to pay tax on LTCG of Rs. 375000 (500000-125000).  No 80C deduction is available, as your other income is below taxable limit. And Mr.Pulkesh Mehta, I would like to correct you that LTCG is not chargeable at 15%, its STCG which is chagable at 15%, and that too if it is u/s 111A. (i.e. Trading in shares at recognised stock exchange, paying STT).   Thank you.

Fully agree... good answer...

Originally posted by : Vikas Vishwakarma
	Originally posted by : Anubhav As you are resident individual, you will get slab benefit. It means if your total income other than capital gain is below taxable limit, your LTCG will get reduced by unexpired limit of non-taxable limit. i.e. Max amount not chargeable to tax  Rs. 160000 Your other income Rs. 35000 Unexpired limit Rs. 125000 Hence you have to pay tax on LTCG of Rs. 375000 (500000-125000).  No 80C deduction is available, as your other income is below taxable limit. And Mr.Pulkesh Mehta, I would like to correct you that LTCG is not chargeable at 15%, its STCG which is chagable at 15%, and that too if it is u/s 111A. (i.e. Trading in shares at recognised stock exchange, paying STT).   Thank you. Fully agree... good answer...

 LTCG CHARGED @ 20%

Originally posted by : Shrikant Subramanian
	Originally posted by : Vikas Vishwakarma Originally posted by : Anubhav As you are resident individual, you will get slab benefit. It means if your total income other than capital gain is below taxable limit, your LTCG will get reduced by unexpired limit of non-taxable limit. i.e. Max amount not chargeable to tax  Rs. 160000 Your other income Rs. 35000 Unexpired limit Rs. 125000 Hence you have to pay tax on LTCG of Rs. 375000 (500000-125000).  No 80C deduction is available, as your other income is below taxable limit. And Mr.Pulkesh Mehta, I would like to correct you that LTCG is not chargeable at 15%, its STCG which is chagable at 15%, and that too if it is u/s 111A. (i.e. Trading in shares at recognised stock exchange, paying STT).   Thank you. Fully agree... good answer...  LTCG CHARGED @ 20%

AGREED.

Sorry I didn't see the rate ...

Mr. Tushar and Shrikanth are correct...

The rate is 20%...

I apologise...

As you are resident individual, you will get slab benefit. It means if your total income other than capital gain is below taxable limit, your LTCG will get reduced by unexpired limit of non-taxable limit. i.e.

Max amount not chargeable to tax  Rs. 160000

Your other income Rs. 35000

Unexpired limit Rs. 125000

Hence you have to pay tax on LTCG of Rs. 375000 (500000-125000).

 No 80C deduction is available, as your other income is below taxable limit.

And Mr.Pulkesh Mehta, I would like to correct you that LTCG is not chargeable at 15%, its STCG which is chagable at 15%, and that too if it is u/s 111A. (i.e. Trading in shares at recognised stock exchange, paying STT). and LTCG Taxable @ 20%.

Originally posted by : Anubhav
	As you are resident individual, you will get slab benefit. It means if your total income other than capital gain is below taxable limit, your LTCG will get reduced by unexpired limit of non-taxable limit. i.e. Max amount not chargeable to tax  Rs. 160000 Your other income Rs. 35000 Unexpired limit Rs. 125000 Hence you have to pay tax on LTCG of Rs. 375000 (500000-125000).  No 80C deduction is available, as your other income is below taxable limit. And Mr.Pulkesh Mehta, I would like to correct you that LTCG is not chargeable at 15%, its STCG which is chagable at 15%, and that too if it is u/s 111A. (i.e. Trading in shares at recognised stock exchange, paying STT).   Thank you.

 This ans is correct and all above are misleading