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Jul 5, 2022 · Calculations of Capital Gain Tax on sale of House Property and Exemption available under Income Tax Act. What is Capital Gain? According to section 45 of the Income Tax Act,1969 any profits or gains arising from the transfer of a capital asset effected in previous year will be chargeable to income-tax under the head ‘capital gain’.
6 days ago · Long-term capital gains are taxed at the rate of 20.8% (rate including health and education cess @ 4%) with indexation. Indexation is a technique to adjust the cost of the asset according to the inflation index. It will increase your cost and reduce your gains and thereby, tax liability.
May 24, 2023 · As per the Indian Income-tax Act, income arising from the sale of a capital asset is taxed under the head Income from Capital Gains. Under section 48, capital gains are calculated by deducting the followings from the full value of the consideration arising from the sale of property
Jun 26, 2024 · As per the Indian Income Tax Act, any capital gain arising from the sale of property is subject to tax. Property for the purpose of capital gain tax includes residential property, automobiles, land, buildings, gold, equity shares, and equity-oriented funds, etc.
Jun 27, 2024 · Use ITR55 for flat 55% Off. The following do not come under the category of capital asset: a. Any stock, consumables or raw material, held for the purpose of business or profession. b. Personal goods such as clothes and furniture held for personal use. c. Agricultural land in rural (*) India.
If you are planning to sell your property, you'll have to pay capital gain tax on the profit earned after considering the inflation and indexed cost of acquisition. However, there are several ways to save on the capital gain tax on the sale of property.
Capital gain tax on the property is levied specifically on the monetary profit from the sale or transfer of residential properties or lands by an individual who does not consider it a profession or such income is not his/her main domain of earning. Long-Term Capital Gain and Short-Term Capital Gain.
