Small query related to Capital Gains
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Friends,
I've small queries based on the new Budget.
1. If I withdraw 5-6 Lacs per annum from Mutual Funds/Stocks.... will it still be taxable under LTCG.. ? considering I've no other source of income.
2. If I sell a property for 50 Lacs which was bought 10 years back for 35 Lacs, Do I need to pay LTCG tax, As per old indexation system, it wasn't taxable but just want to know if it has changed now.
Thanks for your valuable replies.
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1) Yes you would have to pay tax because 87a rebate is not available for shares ltcg.
If you can somehow restrict your capital gain upto 425000 then you don't need to pay any tax (125000 standard deduction on ltcg and 300000 basic exemption)
2) It's changed now. You have to pay tax on 15 lacs. No indexation.
Actually the ltcg deduction is only available for first 1.25L.
If it falls under the 3L basic exemption(new regime), then you can only claim upto 3L.
1) Yes you would have to pay tax because 87a rebate is not available for shares ltcg.
If you can somehow restrict your capital gain upto 425000 then you don't need to pay any tax (125000 standard deduction on ltcg and 300000 basic exemption)
2) It's changed now. You have to pay tax on 15 lacs. No indexation.
Actually the ltcg deduction is only available for first 1.25L.
If it falls under the 3L basic exemption(new regime), then you can only claim upto 3L.