The LTCG that arises out of a sale of property is tied to the individual income level?
I mean for example a person sells a property and incurs 1L LTCG however his income is 1L (say). Can the amounts be clubbed as income of 2L which is below the 2.5L income tax slab and not pay any tax?
Or, LTCG is taxed irrespective of individual tax slab?
- I already replied.
- It is applicable for all equity products (including MF but except ULIPs).
In your example no need to pay the tax by the tax payer. However, before arriving at basic exemption limit, you must first adjust all other incomes, then finally must arrive at capital gain.
Thank you, can you please answer these too
1) Just to confirm, the LTCG can be clubbed with income?
2) The new 10% tax for LTCG on shares/MFs is applicable to LTCG arising out of sale of property or only for stock market products?
3) The 54EC bonds that can be bought for LTCG can be purchased online?