Clarification required on New Tax Regime

[Subramanian Santhanam]

Whether I am eligible for 1 Lakh deduction on Capital gain if I have chosen the new tax regime. Experts kindly clarify.

Thanks.

[SANCHIT SEHGAL]

If you have chosen the new tax regime, LTCG upto Rs. 1,00,000/- is exempt on listed equity shares and mutual funds. However, effective from 23rd July, 2024, this limit has been increased to Rs. 1,25,000/-. 

AI Summary

Rs. 1.25 Lakh LTCG Deduction on Listed Shares and Mutual Funds Now Available Under New Tax Regime A user inquired about eligibility for a Rs. 1 lakh deduction on capital gains under the new tax regime. An expert clarified that under the new regime, long-term capital gains (LTCG) up to Rs. 1,00,000 on listed equity shares and mutual funds are exempt. However, as of July 23, 2024, this exemption limit has increased to Rs. 1,25,000.