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LTCG Equity Mutual Fund Redemption Gains: Is the 1 Lakh Exemption Gone?

Vivek Lala |324 Answers |Ask -Follow

Tax, MF Expert - Answered on Aug 11, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Jul 19, 2024Hindi

Money

Want to know whether the one lakh exemption limit is now not available on LTCG Equity oriented mutual fund redemption gains (AY 2024-25) per 112A.

Ans: AY 24-25 is 1L , for AY 25-26 its 1.25L

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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Question by mathewkutty - 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.

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My daughter got 95.92 percentile in JEE mains with 64228 crl and 9516 ews category. In which not or iiit she can get cse

Ans: Jagdish Sir, Based on your daughter's score, realistic chances for CSE or related branches may be found in lower-demand NITs and IIITs, primarily through the female quota and in later JoSAA or CSAB rounds. Institutes like NIT Mizoram, NIT Meghalaya, NIT Nagaland, NIT Arunachal Pradesh, and NIT Sikkim are worth trying, though CSE admission remains borderline.

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Additionally, reviewing JoSAA opening and closing ranks from the past 2–3 years can provide valuable insights and help your daughter confidently select and fill her preferred and maximum number of choices. Have 3-4 reputed private engineering colleges also as backup options. All the BEST for Your Daughter's Prosperous Future!

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Regarding your rank of 91,850 (General category, Maharashtra HS quota), securing CSE or ECE in top central institutes like VNIT Nagpur is highly unlikely. Other NITs, IIITs, and GFTIs (such as NIT Jalandhar and IIIT Nagpur) also have closing ranks for CSE typically between 15,000 and 30,000, so admission there for CSE/ECE is not realistic.

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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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