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Senior citizen: Tax on LTCG exceeding Rs. 1.25 lakh?

T S Khurana |398 Answers |Ask -Follow

Tax Expert - Answered on Dec 02, 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

Question by yashpal on Aug 22, 2024Hindi

Money

HI SIR, I AM SENIOR CITIZEN HAVING NO OTHER SOURCE OF INCOME OTHER THAN HOUSE RENT RS 1.20 LAC AND INTERST INCOME FOR RS. 1.20 LAC. TOTAL INCOME WILL NOT EXCEEDS RS. 5 LAC FROM ALL SOURCES (INCLUDING LTCG AND STCG ON MUTUAL FUNDS). MY QUESTION IS THAT LTCG FOR THE CURRENT FY WILL EXCEEDS THRESHHOLD LIMIT OF RS. 1.25 LAC. KINDLY LET ME KNOW WILL I HAVE TO PAY TAX ON LTCG OVER AND ABOVE 1.25 LCS. (TOTAL LTCG AND STCG WILL BE APPROX. 3 LACS). THANKS IN ADVANCE.

Ans: 01. If your total income does not increase Rs.5.00 lakhs, you won't have to pay tax, since tax rebate u/s 87 would be available to you.
02. You total Income is Rs.5.40 (1.20+1.20+3.00) lakhs. If exemption of Rs.1.25 lakhs from LTCG has not been considered in above calculations, there will be no tax. Otherwise Tax liability would be there.
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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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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HI SIR, I AM SR. CITIZEN. MY TOTAL EARNING (FROM RENT, INTEREST AND MUTUTAL FUNDS) FOR THE FINANCIAL YEAR 2024-25 WILL BE LESS THAN 3 LACS. MY QUESTION IS LTCG FOR THE YEAR WILL EXCEED 1.25 LACS. KINDLY GUDIE WHETHER I WILL HAVE TO PAY TAX AFTER EXEMPTED LIMIT OF RS. 1.25 LACS. ALSO STCG FOR CURRENT YEAR COMES TO RS. 48000/-, I THINK IT WILL BE TAXABLE @ 20%?? THANKS IN ADVANCE.

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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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