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Can I Claim 1 Lakh LTCG Tax Exemption If My Total Income Is 10 Lakhs?

Ramalingam Kalirajan |8192 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Aug 19, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by mathewkutty on Aug 19, 2024Hindi

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Good morning sir. I wish to know that 1lac Ltcg tax exemption is available suppose you are having 10 lac total income means whatever income we are having 1 lac excemption is there or not. Please confirm. Thanks

Ans: Yes, the LTCG exemption limit has been raised to Rs 1.25 lakhs. This means that if your total income includes long-term capital gains (LTCG), the first Rs 1.25 lakhs of those gains will be exempt from tax. So, even if your total income is Rs 10 lakhs, you can still claim this exemption on LTCG.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

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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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.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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