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Longterm Capital Gain for Sr Citizen

Tax queries 770 views 22 replies
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17264 Points Joined December 2018
One more thing to clarify is that capital gain provisions are applicable to assessee be senior or non-senior equally.
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On 17 January 2021 at 12:05
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Chartered Accountant
86505 Points Joined April 2011
Capital Gain is taxable but if total income is less than basic exemption limit then no tax will be levied
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On 18 January 2021 at 08:38
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17264 Points Joined December 2018
If total income other than capital gain is below basic threshold limit then that to the extent of that gap long term capital gain is nil.
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On 18 January 2021 at 09:13
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Profession Business
28196 Points Joined May 2017
The itr does not specify that.
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On 19 January 2021 at 12:17
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17264 Points Joined December 2018
In addition to my previous post, such calculation is taken care of when you press Calculate tax button in E-filing utility.
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On 19 January 2021 at 14:14
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Profession Business
28196 Points Joined May 2017
First fill up all the details.
validate each sheet then calculate tax.
pay tax
fill up all the details of self assesment tax including bank scroll number.
also pay residual tax.
then generate X M L file.
upload X M L file .
then submit with otp from udai.
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On 20 January 2021 at 15:24
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job
45 Points Joined June 2017

Since she does not have any other source of income except gain from sale of asset and it is below the Basic Exemption Limit, irrespective of wither it is Long term and Short term she is not liable to pay any tax as per income tax provisions.

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On 20 January 2021 at 18:08
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Profession Business
28196 Points Joined May 2017
It can be avoided in general by investing in infrastructure capital bonds 54EC obviously within a specified time frame.
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On 20 January 2021 at 19:41

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