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I am becoming a senior citizen this year. Can I avoid taxes on this income?

T S Khurana

T S Khurana   |285 Answers  |Ask -

Tax Expert - Answered on Sep 28, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
N Question by N on Sep 25, 2024Hindi
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I become a senior citizen this year. My annual income is as follows. I got 3 lacs ltcg from mutual fund and 2 lac from other source.I want to know 1.25lacs ltcg is exempt from tax . Will I have to pay tax for remaining 1.75 lacs.

Ans: 01 You have correctly assessed that you will have to pay LTCG tax on remaining Rs.1.75 lakhs.
02. Your tax liability shall get reduced, when your taxable income is less than the basic exemption limit. Tax savings, if any, may further reduce your tax liability, if you opt for the old tax regime.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Help Needed: Unable to Login to JEE Mains Portal Due to Mistaken DOB Entry Hello Everyone, I’m reaching out to seek advice and support from anyone familiar with handling issues on the JEE Mains portal. Despite entering my correct application details, I’ve been unable to log in to download my admit card, and I believe it’s due to a mistake I made during the application process. The Problem During registration, I mistakenly entered the wrong date of birth. My correct date of birth is 12/08/2008, but I accidentally entered 22/08/2008. Now, neither date works when trying to log in, and I keep getting the error message: "Invalid Application No or Date of Birth." My Details: Name: Shivam Srivastav Application Number: ...................... Registered Contact Number: ...................... Registered Email ID: ................. Request for Help If anyone has faced a similar issue or knows how to resolve this problem, please share your suggestions. I’ve already emailed the authorities but am waiting for a response. I’m also prepared to provide necessary documents, such as my Class 10th marksheet, to verify my correct date of birth. Any help or guidance would be highly appreciated! Thank you for your time and support. Warm Regards,
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