Taxation of long term capital gain
Querist : Anonymous
I wish to clarify a doubt regarding Long Term Capital Gain. i.e. If a person have only LTCG only in a particular yea.Whether he is eligible to avails the basic exemption limit?
Ex: If the LTCG arises Rs.152400 in F Y 12-13.Whether he can avail the basic exemption limit or he has to pay the tax @20%
Provided that where the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then,
such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such long-term capital gains shall be computed at the rate of twenty percent...
Querist : Anonymous
Kindly clarify whether Chapter VIA deduction is available from LTCG.
Long Term Capital Gains.
Short Term Capital Gains subject to Securities Transaction Tax.
Non-resident presumptive taxation.
Income of Non- residents.
However, Chapter VI-A, will be available only against tax on income as reduced by the capital gains from the gross total income..
Querist : Anonymous
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