Hi,
The Gross Total Income is around Rs.2,20,000. the total income after Ch VI A deductions is Rs.1,60,000.All the above are excluding Long Term Capital Gain.Now the LTCG is 25,000.Will that be taxable?
Thanks in Advance.
sanjana.r (Student CA Final ) (135 Points)
12 July 2013Hi,
The Gross Total Income is around Rs.2,20,000. the total income after Ch VI A deductions is Rs.1,60,000.All the above are excluding Long Term Capital Gain.Now the LTCG is 25,000.Will that be taxable?
Thanks in Advance.
CA CS Roshan Begrajka
(Chartered Accountants)
(267 Points)
Replied 12 July 2013
if STT has paid then exempt u/s 10(38)
but if STT is not paid then special tax rate @ 10% or 20% as the case may be applicable.
STT refers to securities transaction tax
Varsha
(Student)
(1164 Points)
Replied 12 July 2013
| Originally posted by : Roshan Begrajka | ||
 |
if STT has paid then exempt u/s 10(38) but if STT is not paid then special tax rate @ 10% is applicable. STT refers to securities transaction tax |
 |
Revanth
(Job)
(145 Points)
Replied 12 July 2013
To my knowledge, irrespective of the tax bracket we need to pay 20% on LTCG if no STT has been paid. If STT has been paid then the entire LTCG will be taxable.
sanjana.r
(Student CA Final )
(135 Points)
Replied 12 July 2013
The long term capital arised due to transfer of immovable property
CA CS Roshan Begrajka
(Chartered Accountants)
(267 Points)
Replied 12 July 2013
20% slab rate is applicable in ur case.
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 12 July 2013
as per the rules, the basic exempyion limit must be set off against the normal income and then excess of exemption limit must be set off against the LCTG. say if the basic exemption limit is 200000, the ltcg can be set off against it.
hence the taxable income comes to nil.
STT is applicanble in case of sale of equity shares hance noy relevant in this case
chandrika
(CA Final student)
(107 Points)
Replied 12 July 2013
ur gross total income does not exceed basic exemption limit.
u r not liable to pay any tax.
and to my knowledge STT will come in the case when equity shares are sold.
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 13 July 2013
total income after chapter VIA is 160000
Add LTCG 25000
Total Income 185000
Below Taxable Limit
Hence no TAX
CA SHASHI KUMAR CG
(PARTNER)
(53 Points)
Replied 13 July 2013
Jignesh's answer is correct. Additing to it, the benefit of adjusting CG to the extent of Basic exemption limit is applicable only for Resident Individual and HUF.
Akshata
(CA Final )
(324 Points)
Replied 13 July 2013
no..income even after considering Capital gain is below taxable limit..hence no tax..
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