19 August 2014
Sir , i am a Resident assessee . my age is around 82 years of old . my gross total income is Rs.356500 including long term capital gain of Rs. 145000 on sale of a portion of my house property. My queries are:- 1. shall i get the slab benefit ? if yes,then my tax liability would be nil ? 2. shall i be required to file my i.t.r ?
21 August 2014
You are not liable to pay income tax nor liable to file income tax return, because LTCG and other incomes total value is less than I.T. Exemption limit, u need not to pay tax on that. And in your case, u will enjoy I.T. Exemption limit of Rs.5 lacs [claiming Super Senior Citizen status]
CAclubindia
