Income tax Basic exemptions and Capital gains

Yes. you are correct.             

Sec 112A IS PERTINENT HERE.

Yes, subject to the applicable tax regime and the type of capital gain. For a resident individual aged 80 or more, the basic exemption limit for AY 2025–26 is ₹5 lakh. Where normal income is below that limit, the unused portion can generally be adjusted against eligible long-term capital gains taxable under section 112. The balance LTCG is taxed at its applicable special rate.

This adjustment is not available against LTCG under section 112A (listed equity/equity-oriented funds/business trust units); that gain is taxed under its separate rules. Also check the taxpayer’s chosen tax regime and the applicable section-specific rate/exemption provisions before computing the return.

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