Hi Experts, Namaste…
I am a senior citizen aged 61 years. My income source is only from Long Term Capital Gains from redemption of Equity Mutual Funds which is Rs. 7 lakhs for the FY-2024-2025.
I have invested in ELSS schemes for Rs. 2 laksh for the FY-2024-2025.
I have Health Insurance, premium for which I have paid is Rs. 8,000/-
What would be my invome tax for this FY-2024-2025?
Regards,
Deductions for ELSS and health insurance premiums are not applicable to special rate incomes such as long-term or short-term capital gains. As a result, you won’t be able to claim these deductions. Your entire long-term capital gains will be subject to taxation at the applicable rates. The tax rate depends on the date of sale. If you redeemed the funds on or before July 23, 2024, the gains will be taxed at 10%. If redeemed after July 23, 2024, the applicable rate is 12.5%. Additionally, you can claim an exemption of ₹1.25 lakhs on these gains, leaving the remaining ₹5.75 lakhs taxable.
You dint read the question properly, he does not have other source of income and only LTCG. So basic exemtion limit brackate will be applicable and remaining excess amount only will be taxed at 12.5%.
Team quicko dint consider you have only income from redemption. Basic exemption will be applicable first and then 1.25 lakh exemption and then remaining income will be taxable
If you have no other income apart from capital gains, you can utilize the unexhausted basic exemption limit against your capital gains. In this case, ₹1.25 lakhs will be deducted first, followed by the basic exemption limit of ₹3 lakhs. The remaining income will then be taxed at 12.5%. As a result, a total of ₹2.75 lakhs of long-term capital gains will be taxable.
Dear Sir/ Madam,
I am Senior citizen( 62) and have Rs 550000 in Equity Mutual fund lonterm gains and from Rs 240000 from Senior Citizen Savings scheme interest, then what will be my tax for FY 25-26 onwards under new regime ?
Thanks in advance.
Hey @Dinkar_Dashora
For FY 2025-26, the basic exemption limit is ₹4,00,000. The interest of ₹2,40,000 will not be taxed. For the LTCG of ₹5,50,000, you get an exemption of ₹1,25,000. After this, the remaining basic exemption of ₹1,60,000 can be applied. This leaves a taxable amount of ₹2,65,000, on which tax is charged at 12.5%, resulting in ₹33,125. Adding 4% cess brings the total tax to ₹34,450.
Hope this helps!
Thanks you so much for Clarity!!