Section 112(1) Long Term Capital Gain, Income Tax

[CA BALRAM PANDEY]

Dear All,

 

Please advice me, if an individual assessee had only LTCG and no other income, then can he avail the benefit of MPEL (Maximum Permissible Exemption Limit).

 

Thanks & Regards

CA Balram Pandey 

Posts / Replies

[Jayson Jacob Mathew]

You can avail the benefit of Basic exemption from tax .

You will face problem at the time of filing ITR return. Which will show tax liability on Basic exemption limit.

You have to make a representation before the A.O, once you receive a demand notice

[CA GOPALJI AGRAWAL]

But we are not facing any such problem. 

[Jayson Jacob Mathew]

For Ay 2011-12, one of my client had the issue of not getting basic exemption benefit after cpc processing , demand notice came, where I got it corrected thru representation before A.O.

[CA BALRAM PANDEY]

Thanks for enlarging my knowledge, Hoping your kind advises and support in future too.