The long-term capital gains from property can be huge especially if the asset was held for really long term. These gains are taxed at 20% + cess (effectively 20.8% from FY 2018-19) which can cause a major dent in the amount received on sale. So if we have an option to save, we must save on this tax. The post below gives details of the 3 sections concerned with the Saving of Long Term Capital Gains Tax from Property. As capital gains taxation is concerned property can be two types: Residential…
Tag: capital gain tax
Income Tax Slabs for FY 2019-20 (AY 2020-21) 🤑💰💲💰🤑 Changed in July 2019 Budget
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A. There is also increase in the surcharge for person with net taxable income of more than Rs 2 crores. Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever…