Capital gains
I am only having ltcg..can I take the basic exemption limit or I have 2 pay flat 20% tax on ltcg???
Replies (2)
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).
Thanks a lot Mr Shivang
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