Section 112(1) Long Term Capital Gain

[CABALRAM 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 

AI Summary

Basic exemption applicability to long term capital gains may be available but can require representation if automated processing issues a demand.
An individual with only long term capital gain is entitled to claim the basic exemption/MPEL, though automated return processing may nonetheless show tax liability; such processing errors can be corrected by making a representation to the assessing officer when a demand notice is received.