Taxation on capital gain

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Accountant
43 Points Posted on 18 August 2021

Dear Sir

Can close my business loan using capital gain [LTCG] amount for avoiding income tax on LTCG ?

Regards

Praveen

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On 18 August 2021 at 15:15 Report
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Quick Summary
This discussion addresses whether an individual can use their Long Term Capital Gains (LTCG) amount to close a business loan and thereby avoid income tax on the LTCG. The advice provided clarifies that while the capital gains amount can be used for any purpose, including loan repayment, there is no exemption available in the act to avoid the tax liability on the LTCG itself.

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SEO Sai Gr. Hosp.
212450 Points Posted on 18 August 2021

No such exemption available in the act. Though you can utilize the money, the way you desire, but tax liability remains intact...

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On 18 August 2021 at 15:19
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Accountant
43 Points Posted on 18 August 2021

Thank You Sir for the valuable advise

Regards

Praveen

 

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On 18 August 2021 at 15:37

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