Taxation of long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2013 Dear Sir,
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%

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 December 2013 basic slab exemption is allowed in LTCG also.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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25 December 2013 agree with expert,

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...

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Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2013 Dear Sir,
Kindly clarify whether Chapter VIA deduction is available from LTCG.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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25 December 2013 Deduction under Chapter VI A is not available in respect of-

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

Querist : Anonymous (Querist)

25 December 2013 Thanks for your reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 December 2013 As said by Aryan deduction under chp VIA not available against LTCG.