Hey pal,
The Capital gains or the earnings from the holding of equity or any kind of intangible or tangible asset for a longer period see a rise in its own value according to the latest market trend attract a tax liable to be paid along with your regular income tax if any.
Usually, the long-term capital gain tax exemption limit and are broadly classified based on the age group of the taxpayer, mentioned as follows:
Indian residents from age 80 years or above will be exempted if they earn below Rs. 5,00,000 a year.
Indian residents whose age lies between 60 to 80 years will be exempted from long-term capital gains tax if they are earning Rs. 3,00,000 annually.
For individuals below 60 years of age, the exempted limit is Rs. 2,50,000 per annum.
Hindu Undivided Families can enjoy long term capital tax exemption if the annual income of the family is under Rs. 2,50,000.
Read more :
What is long term capital loss long term ?
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I sold commercial property in three parts in Jan.2022, Feb. 2022 and March 2023 and I have deposited the Capital gain amount in the Capital gain account scheme in Bank PNB in July 2022 before filing the IT return in the same financial Year. Now I am willing to purchase the Residencial Plot and construction to be done within three years from the sale of the commercial property. Can I get Long Term Capital Gain Exemption?
Poonam Chand Jain
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1 Year
2023-03-23T09:20:01+00:00 2023-03-31T19:28:29+00:00Comment
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