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Longterm Capital Gain for Sr Citizen
Quick Summary
One more thing to clarify is that capital gain provisions are applicable to assessee be senior or non-senior equally.
Capital Gain is taxable but if total income is less than basic exemption limit then no tax will be levied
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.
The itr does not specify that.
In addition to my previous post, such calculation is taken care of when you press Calculate tax button in E-filing utility.
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.
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.
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.
It can be avoided in general by investing in infrastructure capital bonds 54EC obviously within a specified time frame.
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