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Ambareesh Baliga | Answer |Ask -Follow

Stock Market Expert - Answered on Feb 05, 2023

Ambareesh Baliga has 35 years of experience in different facets of the Indian equity market. In his long career, he has headed businesses in wealth management, fund management, corporate advisory, investment banking, retail finance and stock broking. Currently an independent strategy advisor to ultra high networth individuals and family offices, he regularly features as an expert on CNBC, CNBC Awaaz, NDTV and Zee Business. In the past, Baliga has worked with organisations such as Price Waterhouse, Kotak, Karvy, Way2Wealth and Edelweiss.... more

Question by Naresh on Feb 05, 2023Hindi

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Is LTCG upto 1 lakh exempted under revised New tax regime and what about LTC ALLOWNCE?

Ans: LTCG upto 1 lac continues to be exempted under the New Tax Regime but LTC allowance is not available. (Disclaimer : The views given are personal. Please consult your CA or Tax Consultant before acting on my views)

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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is LTCG (Exemption of 1Lac and lower Tax) and STCG lower tax on Listed Shares available in the new tax regime ?

Ans: LTCG and STCG on listed shares will be taxed on special rate. Thus, old and new tax regime slab rate will not be applicable.

Difference will be for rebate avialable u/s 87ARs. Tax Rebate of 25,000 or the amount of tax payable (whichever is lower) is available under new tax regime as per Budget proposal of FY 23 24 (if taxable income is less than 7 lacs).
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If a senior citizen has annual income less than 4 lakh including LTCG, does he have to pay tax on LTCG as per new tax regime?

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Pease let me know whether the exemption for LTCG is Rs 3 lakhs for senior citizens for FY2024-25?

Ans: There is no specific EXEMPTION for SENIOR CITIZENS, for Long Term Capital Gains, in any financial year.
However, if they don't have any other income from any other source, then LTCG gets adjusted, against this basic exemption limit of Rs.3,00,000.00 for Senior Citizens & Rs.5,00,000.00 for Super Senior Citizens.
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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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www.holisticinvestment.in

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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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