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Capital gain vs minimum threshhold limit
Sir, I have only captial gain from the sale of residential property which is in long term. So, can I get the minimum threshhold limit of Rs.2,50,000 from that capital gain or do I have to pay tax @ 20% on the entire gain that I got., Kindly help me out.
Replies (6)
Quick Summary
A resident individual can adjust the basic exemption limit against long term capital gains (LTCG). A resident individual can adjust the LTCG but such adjustment is possible only after making adjustment of other income, if any
But as you have only LTCG in your case , than your tax liability is NIL
But as you have only LTCG in your case , than your tax liability is NIL
Sir. my long term capital gain is of Rs.10,00,000 without having any income under any other head , therefore now, do I have to pay LTCG tax @ 20% on Rs. 7, 50,000 after deducting of Rs. 2,50,000 of minimum threshhold limit or on Rs.10,00,000. kindly clarify.
Yes, You have to pay LTCG tax ( @ 20% + 4 % Cess on tax ) on Rs. 7, 50,000 after deducting of Rs. 2,50,000 of minimum threshhold limit.
Total tax = 1,50,000 tax + 6,000 cess = 1,56,000/-
Total tax = 1,50,000 tax + 6,000 cess = 1,56,000/-
I also Agree with @ Sagar Ji
Thank you so much sir.
Most welcome....... Lakshmi Kanth ji..
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