Long Term Capital Gains Tax on shares

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sfunds.2014

retired

104 Points Joined May 2010

Hi ,

I sold 400 shares Ril for Rs1480 in May 2020.

I was holding this shares for more then a decade.

I have not invested in shares after this sale.

My question are

1)how to compile LTCG for this sale

My annual income is 2 Lakhs only (including dividend interest etc. I am 60 and retired

Do I need to invest 1 Lakh in shares to claim exemption allowed in LTCG pl help

Thanking you Sridhar

Replies (2)

8156046685

CA FINAL STUDENT

45 Points Joined February 2018

You shall not be allowed exemption under sections 54 of the act because exemptions shall be allowed only for investing amount out of sale of residential property or agricultural land etc.

sfunds.2014

retired

104 Points Joined May 2010

Are you sure.

As per this article

https://www.financeminutes.com/ltcg-calculation-31st-jan-2018-share-price-list-tips-all-

need-know/

For all the long term capital gains accrued post 01.04.2018, taxpayers will have an exemption of Rs. 1,00,000. This exemption is only available to the individual taxpayers and not the corporate or partnership firms. Gains above Rs. 1,00,000 will be taxed at the reduced rate of 10% irrespective of the balance income of the taxpayer in the respective year.

need-know/