Tax on LTCG if no other income

I want to know if a person having say 2.5 lacs LTCG on land and do not have any other income. What would be the tax liability. Whether it will be 20% on 2.5 lacs or first 1.9 lacs will be duducted form 2.5 lacs and remaining 0.6 lacs will be taxed @ 20%.

Pls reply

asked May 21 '11 at 08:15 by mansacity 1111

You will have to pay tax only on difference (Long term gain - taxable threshold). So in your case only 0.6 lacs will be taxed.

answered May 25 '11 at 02:01 by pankaj 5.2k320


Know someone who can answer? Share a link to this question via email, twitter , or facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text]( "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: May 21 '11 at 08:15

Seen: 1,903 times

Last updated: May 25 '11 at 02:01