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Tax Liability-ltcg

Tax queries 402 views 5 replies

Total Income 460000

Capital Gain (Shares) 50000

Is income taxable

1. under new tax regime

2. old tax regime

(FY:2022-23)

(i.e exempt ltcg (upto 1 lakh) should be added to income or not under new or old regime)

Replies (5)
Capital gain Long term or short term.

Not taxable under both regime, when shares sold were hold more than one year.

Yes, the deduction available in both regime.

That is ok. but short term or long term.

it is long term capital gain  in equities.

Now if it is within 1 lac no tax liability.
But if it is in excess of 1 lac. tax at the rate 10% in excess of 1 lac.


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