Capital gains
MUNESH JAIN (Student CA Final ) (40 Points)
08 March 2016MUNESH JAIN (Student CA Final ) (40 Points)
08 March 2016
SHIVANG
(Practicing CA)
(124 Points)
Replied 09 March 2016
Dear Munesh Jain,
Please note the basic rule that Income is chargeable to tax only when it exceeds the limits presribed.
Answere to your question is : You should first reduce your LTCG by the lncome limit and then calculate tax. Refer to Proviso to Sec 112(1)(a).