Friday, December 30, 2016
by
Indian Real Estate News
LTCG tax for those with income below threshold
A resident individual can adjust the basic exemption limit against long term capital gains (LTCG)
A resident individual can adjust the basic exemption limit against long term capital gains (LTCG). A resident individual can adjust the LTCG but such adjustment is possible only after making adjustment of other income. In other words, first income other than LTCG is to be adjusted against the basic exemption limit and then the remaining limit (if any) can be adjusted against LTCG. Basic exemption limit means the level of income up to which a person is not required to pay any tax.
The basic exemption limit applicable in case of an individual for the financial year 2015-16 is as follows:
- For resident individual of the age of 80 years or above, the exemption limit is R 5 lakh.
- For resident individual of the age of 60 years or above but below 80 years, the exemption limit is R 3 lakh.
- For resident individual of the age of below 60 years, the exemption limit is R 2.5 lakh.
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