04 August 2009
The 10%/20% option is allowable only for capital gains arising from listed securities or units and zero coupon bonds only. Here also u have to compute the tax @ 20% with indexation and @ 10% without indexation and if the first said amount is more than the second mentioned amount, the u can opt 10%.
Capital gains tax arising out of assets other than those mentioned above has to be, necessarily, calculated @ 20% itself.
If the assessee has no other income, then basic exemption amount can be deducted from the capital gains and need to pay income tax only on the balance amount of capital gains.
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