Senior citizens are eligible for tax exemption of Rs. 3 lakh.Does it cover LTCG on sale of house property or he has to pay tax on the entire amount of LTCG ?
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Taxability of LTCG
Replies (3)
A resident individual can adjust the basic exemption limit against long term capital gains (LTCG). A resident individual can adjust the LTCG but such adjustment is possible only after making adjustment of other income. In other words, first income other than LTCG is to be adjusted against the basic exemption limit and then the remaining limit (if any) can be adjusted against LTCG.
If no other income than capital gain, then u can set off 3 lakh against capital gain, however u have to compulsory file return
Agree with dheeraj ji and sagar ji
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