Is basic exemption limit applicable for LTCG beyond 1.25 lakh also?

Income Tax Income from Capital Gains
,
1

Hello kindly answer my query

  1. I have a account where i have an unrealized LTCG of 10 lakhs. I have no other income. how much can i save using tax harvesting is it only up to new limit of 1.25 lakh or i can use extra of basic exemption limit of 2.5 lakhs?
  2. also if i transfer these shares to my son’s account(he is above 18 but not earning right now) can he also do tax harvesting of 1.25lakh and also use Basix exemption limit?
  3. Also can we do tax harvesting of 1.25 lakhs in my husband’s account(he falls in 30% tax bracket)?
  4. also how much is the basic exemption limit is it 2.5 or 3 lakhs?

Kindly anyone answer these query as soon as possible.

Thank You in advance

2

Hi @nikhil_pandit,

Since you have no other income, you can fully utilize both the basic exemption limit and the LTCG exemption.

If your son holds these shares in his name, he can also utilize his own basic exemption limit and LTCG exemption.

Even though your husband is in the 30% tax bracket, he can still benefit from tax harvesting by utilizing the LTCG exemption of ₹1.25 lakh.

The basic exemption limit is 2.5L under the old regime and 3L under the new regime.

3

Thank You very much for replying. One more doubt
if I transfer shares to my husband account and then he books profits can he claim LTCG limit of 1.25lakh?

Kindly reply