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%.

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asked May 21 '11 at 08:15 by mansacity 1●1●1●1

One Answer:

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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

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income-tax ×778
long-term-gains ×326
ltcg ×140
taxable-income ×38
non-taxable ×13

Asked: May 21 '11 at 08:15

Seen: 2,627 times

Last updated: May 25 '11 at 02:01

Tax on LTCG if no other income

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