Tax slab applicable for LTCG?

Taxation
1

@Quicko I have a query regarding applicability of basic exemption of tax slabs for LTCG

If I have LTCG of 2 lacs in FY24-25 and there is no other income source, how much gains will be exempted from tax?

  1. 1.25 lac (LTCG)
  2. 1.25 lac (LTCG) + Nil tax (upto 2.50 lac)
2

Hello @IMTNM

If you do not have any source of income except LTCG and you are resident, you can also set off LTCG against basic exemption limit.

Thus, in your situation, entire LTCG of 2 lakhs will be exempt.

Thanks

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3

@Quicko for the new tax regime, there is not exemption for LTCG right?

4

Hello @loke4300

Not correct. LTCG exemption of 1.25 lakhs is applicable for both the regimes New and old.

Thus, irrespective of the tax regime you opt, LTCG upto 1.25 lakhs is exempt.

Thank you.

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