Unexhausted Basic Exemption Limit, Capital Gain

The basic exemption limit for individuals below the age of 60 years is rs250 lakhs.

Popeyes chicken thanksgiving turkeys. 250000 is applicable on your total income including the capital gains. For non resident individual irrespective of the age the basic exemption limit is rs. The income tax slab is as follows.

Adjustment of ltcg against the basic exemption limit. 250000 hence his tax liability will be nil. A nri or huf.

Similarly a senior citizen aged more than 60 years but less than 80 years is given an exemption up to rs. For non resident individual irrespective of the age the basic exemption limit is rs. In the case of resident individuals or huf if the basic exemption is not fully exhausted by any other income then such long term capital gain exceeding rs1 lakh will be reduced by the unexhausted basic exemption limit and only the balance would be taxed at 10.

A resident individual can adjust the ltcg but such adjustment is possible only after making adjustment of other income. For the financial year 2015 16 this is at rs 25 lakh for a person who is less than 60 years of age while it. We will discuss the case of resident indian and nris separately.

3 adjustment of unexhausted basic exemption limit. Basic exemption limit means the income level up to which a taxpayer is not required to pay any tax. 300000 of his taxable income and for a super senior citizen aged more than 80 years the exemption is up to rs.

Unexhausted basic exemption limit of a non resident individual can be adjusted against a only ltcg taxable at20 us 112 b only stcg taxable at15 us 111a c both a and b d neither a nor b 28. Reason being the rules and tax treatment is different for resident indian and nri. 184000 which is below the basic exemption limit of rs.

Further a non resident individual cannot adjust the basic exemption limit against stcg covered under section 111a. The basic exemption limit is rs 250000 irrespective of the age of the taxpayer. If the total income including the ltcg is below the basic exemption limit then there will be no tax liability.

For senior citizens the exemption limit is rs3 lakhs and for very senior citizen who are above 80 years it is rs350 lakhs. The basic exemption limit of rs.