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CAPITAL GAIN TAX TO SENIOR CITIZEN

VIKRAMJEET SINGH (Accountant) (41 Points)

30 August 2022

I want to know about capital gain tax to senior citizen (male/female). (how much exempted ?)

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Mahesh Shah (2308 Points)
Replied 30 August 2022

No relaxation 20 percent on LTCG on immovable property plus cess so total 20.4 percent

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 30 August 2022

There is no specific exemption to senior citizens under capital gains, except the basic exemption limit of 3 lakhs for Sr. Ctz. & 5 lakhs for Super Sr. Ctz. under total taxable income.

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VIKRAMJEET SINGH (Accountant) (41 Points)
Replied 31 August 2022

please advice me about it :

Residential Indians between 60 to 80 years of age will be exempted from long-term capital gains tax in 2021 if they earn Rs. 3,00,000 per annum. For individuals of 60 years or younger, the exempted limit is Rs. 2,50,000 every year.

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Mahesh Shah (2308 Points)
Replied 31 August 2022

Age exemption is on total income and not only on LTCG.....if total income including LTCG is below taxable as per age criteria then only exempt else LTCG in ITR will be taxed @ 20 percent

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 31 August 2022

It is just part of story....

As explained earlier, it is not specifically related to capital gains only. If aggregate of income including capital gains, income from FD bank accounts, pension annuity etc.... etc. is below 5 lakhs ( I REPEAT FIVE LAKHS) there will not be any tax payable...

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