Barkha asked 11 months ago
An individual having only long term capital gain(LTCG) from equity oriented mutual fund of Rs. 400000/- for FY 22-23 (old tax regime)? NO other income, how to calculate tax ?
1 Answers
Virendra answered 11 months ago
Total Income Rs. 400000/- (LTCG) u/s 112A
Basic exemption limit (available from LTCG after adj of income from other heads). Rs. 250000/-
Balance income Rs. 400000-250000= 150000/-
Exemption of LTCG(112A) maximum 100000/-
Taxable income = 150000-100000= 50000/-
tax rate on LTCG(equity )(112A) is 10%
Tax value is Rs. 50000 x 10% = 5000/- (EC & HEC extra)
Please note that Rebate u/s 87A is not available on sale Long-term capital Gain from equity shares & equity oriented mutual fund as specified under section 112A.
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