HI,
My mother (72 yrs) recently sold her ancestral property and she received a shared of Rs. 2.6 lacs. Is she subjected to LTCG ? If so how can that be avoided ?
Thanks
22 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 16 January 2021
No, your mother will not subject to LTCG as she is senior citizen and basic exemption limit for senior citizen is 300000 rupees
Kapadia Pravin
(17264 Points)
Replied 16 January 2021
Any gain Long term or short term is taxable. So LTCG by your mother is taxable along with other sources of income. To avoid, there are sections giving benefit depending upon type of capital assets.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 16 January 2021
But if his mother has no other sources of income then her income is not taxable
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 16 January 2021
Capital gain will taxable at 20% after claiming basic exemption limit
Anjali lakra
(473 Points)
Replied 16 January 2021
For senior citizen, basic exemption limit is Rs. 3,00,000. Therefore, your mother is not required to pay any LTCG.
sabyasachi mukherjee
(27713 Points)
Replied 16 January 2021
The querist has not mentioned any dates which is essential.
Long term capital gain and short term capital gain has seperate reporting in itr.
In this case the assesse has not mentioned the dates which is essential.
Long term capital gain and short term capital gain has seperate reporting in itr.
In this case the assesse has not mentioned the dates which is essential.
sabyasachi mukherjee
(27713 Points)
Replied 17 January 2021
Whats the age of your mother?
In your mother's case it is not relevent since his income has not exceeded his max. amt.
In your mother's case it is not relevent since his income has not exceeded his max. amt.
sabyasachi mukherjee
(27713 Points)
Replied 17 January 2021
Ok.
Since it is long term capital gain.
you have to pay tax. file returns and get refund.
Since it is long term capital gain.
you have to pay tax. file returns and get refund.
Kapadia Pravin
(17264 Points)
Replied 17 January 2021
Share of property received is 2.60 lakhs. From that deduct indexed value of property. You get long term capital gain amount. In the absence of other income sources, yout such income will remain below 3 lakhs threshold limit and hence tax payable will be nil. No tax.
sabyasachi mukherjee
(27713 Points)
Replied 17 January 2021
Indexation calculation is possible provided you have dates.
Without that its not possible.
Without that its not possible.
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