Capital gains long term

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673 Points Posted on 18 October 2020
LTCG U/S 112(a). 32,000
LTC loss. 19,000
is LTCG 32,000 FULLY EXEMPTED
AND 19,000 LOSS CAN BE C/F
OR LTCG CAN BE SETOFF AGSINST LTCG. AND THE REMAINING AMT TAXABLE.
LTCG CAN BE EXEMPTED UPTO RS. 1,00,000
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On 18 October 2020 at 08:35 Report
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This discussion clarifies how long-term capital gains (LTCG) are taxed under Section 112A, particularly when there are losses. It explains that LTCG up to ₹1 lakh is exempt. Losses can be set off against LTCG, and any remaining exempt amount can be carried forward. If your LTCG is less than ₹1 lakh after setting off losses, no tax is payable, and the remaining loss can be carried forward.

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Tax consultant
5895 Points Posted on 18 October 2020
There's is no tax in long term capital gain upto 1lakh
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On 18 October 2020 at 08:45
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Student CA Final/Tax consultant/
51 Points Posted on 18 October 2020
32000 is fully exempted and 19000 is allowed to carry forward for next year
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On 18 October 2020 at 09:04
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220 Points Posted on 18 October 2020
Your loss will be set off first, against 112a . there after 13000 will be your GTI , and then tax is calculated on LTCG 112A out of which you will get the benefit of 100000 as exempt . So nothing will be taxable. but you can't carry forward any loss, if there is a income .
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On 18 October 2020 at 09:12
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Student CA Final/Tax consultant/
51 Points Posted on 18 October 2020
32000-19000=13000 is GTI and it is fully exempted
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On 18 October 2020 at 12:54

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