Longterm Capital Gain for Sr Citizen

Page no : 2

Kapadia Pravin (17264 Points)
Replied 17 January 2021

One more thing to clarify is that capital gain provisions are applicable to assessee be senior or non-senior equally.

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CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 18 January 2021

Capital Gain is taxable but if total income is less than basic exemption limit then no tax will be levied

Kapadia Pravin (17264 Points)
Replied 18 January 2021

If total income other than capital gain is below basic threshold limit then that to the extent of that gap long term capital gain is nil.

sabyasachi mukherjee (27711 Points)
Replied 19 January 2021

The itr does not specify that.

Kapadia Pravin (17264 Points)
Replied 19 January 2021

In addition to my previous post, such calculation is taken care of when you press Calculate tax button in E-filing utility.

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sabyasachi mukherjee (27711 Points)
Replied 20 January 2021

First fill up all the details.
validate each sheet then calculate tax.
pay tax
fill up all the details of self assesment tax including bank scroll number.
also pay residual tax.
then generate X M L file.
upload X M L file .
then submit with otp from udai.

CA Venkata Koteswararao Mogali (job) (45 Points)
Replied 20 January 2021

Since she does not have any other source of income except gain from sale of asset and it is below the Basic Exemption Limit, irrespective of wither it is Long term and Short term she is not liable to pay any tax as per income tax provisions.