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Regarding long term capital gain from property

Tax queries 239 views 4 replies

I am a salaried person... I received long term capital gains from selling a land in FY 2017 - 18.

How can I avail for ltgc tax @ 10% instrad 20%  in ITR 2 for FY 2017 - 2018.?

Why ITR 2 does not have a column for Long term capital gain without indexation for Resident catagory ?

Replies (4)

" How can I avail for ltgc tax @ 10% instrad 20%  in ITR 2 for FY 2017 - 2018.?
ITR for FY 2017-18......... not released yet.........

Under which section LTCG is charged at 10% over land/ immovable property?

Don't know exactly... Section 112

Generally, long-term capital gains are charged to tax @ 20% (plus surcharge and cess as applicable), but in certain special cases, the gain may be (at the option of the taxpayer) charged to tax @ 10% (plus surcharge and cess as applicable). The benefit of charging long-term capital gain @ 10% is available only in respect of long-term capital gains arising on transfer of any of the following asset:

(a) Any security which is listed in a recognised stock exchange in India;

(b) Any unit of UTI or mutual fund (whether listed or not); and

(c) Zero coupon bonds.

For details refer: capital-gains-tax-simplified

10% tax benefit is only for listed securities and zero coupon bonds.


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