Hello,
As per the information that you have provided, you are a 68-year person who wants to know the tax benefits on the sale of your 13-year-old property. So here is some information that would help you. As your property is more than 2 years old, you are liable to pay 20.8% tax on long-term capital gains that will be made from the sale of your property.
Now speaking about the tax benefit, as you come under the senior citizen section, you will be granted a higher exemption limit compared to non-senior citizens. According to A.Y. 2019-20, the exemption available to a resident senior citizen is Rs. 3,00,000 as compared to the exemption limit for non-senior citizens which is Rs. 2,50,000. This means you would get an additional benefit of Rs. 50,000 in the form of higher exemption limit that is available to a resident senior citizen.
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Age 68 yrs tax calculation on sale of 13 yrs old
SureshKant Shinde
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1
5 Year
2020-09-15T19:08:02+00:00 2020-11-11T18:58:34+00:00Comment
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