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 1●1●1●1 |
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 Batra 5.2k●3●20 |