Tax on Long term capital gain

a) the tax will be 20% of 5000 i.e. 1000 rs will be the tax liability

b) in case if LTCG is moree than 200000 than 20% tax rate will be applicable

    and if LTCG is between 150000 to 200000 than upto 195000 no tax and remaining 5000 rs 1000 will be taxable

Dear raman,

if LTCG on listed sahres then it is exempted. in other case tax liability will be as under.

for senior citizen - basic exemption is 225000/- on this no tax is payable  and on balance amount slab rate will be applicable.in your case nothing is payable

trust matter is clear 

I am slightly confused. One of our friend suggested that if LTCG is between 150000 to 200000 than upto 195000 no tax and remaining 5000 rs 1000 will be taxable and you are saying that for senior citizen basic exemption is 225000.
 

I also had a look at the tax rates for AY 2008-09 and there it seems that there is no tax for senior citizen upto 1,95,0000.

Pls clarify.

Dear in PY 2008-2009. senior citizen's basic exemption limit is 220000

in PY 2007-2008 which will be AY 2008-2009 basic exemption for senior citizen was 195000/-

you are confusion PY. VS AY.

Regards

Vijay Agrawal