Capital Gains tax

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  1. I am a senior citizen ( age 68 yrs), Salary and other income in Nil. Long term capital gains (LTCG) on equity mutual fund will be Rs 4 Lakhs during 2018-2019, what will be the total tax to be paid.
  2. Member

    According to Budget 2018, the exemption u/s 10(38) with respect to LTCG on Equity & Equity oriented fund has been withdrawn and brought under Tax regime with a threshold limit of Rs.1 lakhs. i.e the long term capital gain on equity mutual fund shall be taxable @10% over and above Rs.1 lakhs.

    Also, in case of individuals and HUFs (only resident), the benefit of unutilized basic tax exemption limit shall also be available.

    Hence, in present case, the tax liability shall be computed as under:

    Long term capital Gain = Rs.4 Lakhs

    Less: Threshold limit u/s 112A = Rs.1 Lakhs

    Less: Basic Exemption Limit = Rs.2.5 Lakhs

    Net Taxable Income = Rs.0.5 Lakhs

    Tax on above @10% = Rs.5,000 + Cess @ 4%
  3. Naveen Chand

    Naveen Chand Member

    total income rs 4,00,000
    basic exemption of rs 3,00,000 for senior citizens
    and balance exemption for LTCG rs. 1,00,000 as per budget 2018-19
    so there is no tax liability for 2018-19
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