HI,
My mother (72 yrs) recently sold her ancestral property and she received a shared of Rs. 2.6 lacs. Is she subjected to LTCG ? If so how can that be avoided ?
Thanks
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Longterm Capital Gain for Sr Citizen
Replies (22)
No, your mother will not subject to LTCG as she is senior citizen and basic exemption limit for senior citizen is 300000 rupees
Any gain Long term or short term is taxable. So LTCG by your mother is taxable along with other sources of income. To avoid, there are sections giving benefit depending upon type of capital assets.
But if his mother has no other sources of income then her income is not taxable
No other source of income.
Capital gain will taxable at 20% after claiming basic exemption limit
How much is the basic exemption limit?
For senior citizen, basic exemption limit is Rs. 3,00,000. Therefore, your mother is not required to pay any LTCG.
The querist has not mentioned any dates which is essential.
Long term capital gain and short term capital gain has seperate reporting in itr.
In this case the assesse has not mentioned the dates which is essential.
Long term capital gain and short term capital gain has seperate reporting in itr.
In this case the assesse has not mentioned the dates which is essential.
What dates do you need?
Whats the age of your mother?
In your mother's case it is not relevent since his income has not exceeded his max. amt.
In your mother's case it is not relevent since his income has not exceeded his max. amt.
I have already mentioned her age as 72
Ok.
Since it is long term capital gain.
you have to pay tax. file returns and get refund.
Since it is long term capital gain.
you have to pay tax. file returns and get refund.
Share of property received is 2.60 lakhs. From that deduct indexed value of property. You get long term capital gain amount. In the absence of other income sources, yout such income will remain below 3 lakhs threshold limit and hence tax payable will be nil. No tax.
Indexation calculation is possible provided you have dates.
Without that its not possible.
Without that its not possible.
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