In case of joint saving bank account, in whose hands interest would be taxable? Tax Talk- My weekly column- Readable format accessible at-http://ssrpn.com/article-details.php?id=1311
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NRI: Basic exemption limit cannot be reduced from LTCG
TAX TALK-03.08.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant NRI: Basic exemption limit cannot be reduced from LTCG Query 1] I am an NRI Sir in AY 2015-16. I am having taxable house property income of Rs. 42,631/- and long term capital gains (LTCG) taxable income at Rs. 10,70,567/-. When form 2 is being filled up, the tax payable is calculated @ 20% on LTCG of Rs. 10,70,567/- at Rs. 2,14,113/- + cess. The basic exemption of Rs. 2,50,000/- is not being given. As per this, the tax would be Rs. 11,13,198/- less basic exemption Rs. 2,50,000/- i.e., Rs/ 8,63,198/- @ 20%. = Rs. 1,72,640/- + 3% cess. Please guide me as to the correct calculation. [ Ajay Agrawal- akagrawal87@gmail.com ] Opinion: 1. Long Term Capital Gain (LTCG) is taxable at a special concessional rate irrespective of the applicable individual tax slab of an Individual. 2. Additionally, benefit of adjusting any taxable capital gain against the room left over in