LTCG U/S 112(a). 32,000
LTC loss. 19,000
is LTCG 32,000 FULLY EXEMPTED
AND 19,000 LOSS CAN BE C/F
OR LTCG CAN BE SETOFF AGSINST LTCG. AND THE REMAINING AMT TAXABLE.
LTCG CAN BE EXEMPTED UPTO RS. 1,00,000
4 Replies
ayusmita
(Tax consultant)
(5885 Points)
Replied 18 October 2020
There's is no tax in long term capital gain upto 1lakh
RAVINDRA POLANKI
(Student CA Final/Tax consultant/)
(51 Points)
Replied 18 October 2020
32000 is fully exempted and 19000 is allowed to carry forward for next year
jasmeet singh
(220 Points)
Replied 18 October 2020
Your loss will be set off first, against 112a . there after 13000 will be your GTI , and then tax is calculated on LTCG 112A out of which you will get the benefit of 100000 as exempt . So nothing will be taxable. but you can't carry forward any loss, if there is a income .
RAVINDRA POLANKI
(Student CA Final/Tax consultant/)
(51 Points)
Replied 18 October 2020
32000-19000=13000 is GTI and it is fully exempted
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