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Jun 26, 2024 · Capital gains from asset sales attract taxes, but exemptions can reduce tax liability. Determining short/long-term capital gains is crucial due to varying tax rates. Various exemptions available, such as on sale of residential property or agricultural land.
Jul 23, 2024 · Long-Term Capital Gains (LTCG) that exceed Rs. 1 lakh in a financial year are subject to a 10% tax rate. Gains up to Rs. 1 lakh in a financial year are exempt from taxation. Other assets ( such as real estate, land, unlisted shares, etc.): LTCG is taxed at 20% after taking the indexation benefit.
Oct 27, 2023 · In this comprehensive guide, we’ll delve into various sections of the Income-tax Act, including sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, and 54GB, to explore the exemptions available, their eligibility criteria, and the conditions you need to meet.
6 days ago · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital gains if they invest the proceeds in the acquisition, i.e., purchase or construction, of another residential property.
Jul 25, 2024 · section 54 of income tax act - Tax-saving strategies for property investments with section 54 of capital gain exemptions. check out here on how to optimize capital gains efficiently.
Under Section 80C of the Income Tax Act, long-term capital gains attract a capital tax at a rate of 20% with indexation while a tax at a rate of 10 % without indexation is applied to gains of over Rs. 1 Lakh.
Jul 23, 2024 · Capital gains exemption limit hiked to Rs 1.25 lakh for equity; STCG tax rate hiked to 20%, LTCG tax rate made 12.5% for equity, property, others in Budget 2024. By. Preeti Motiani. , ET Online Last Updated: Jul 24, 2024, 03:36:00 PM IST. Synopsis.
Feb 29, 2024 · The Income Tax Department provides capital gain tax exemptions to taxpayers through section 54. This section allows taxpayers to potentially avoid paying taxes on profits earned from the sale of certain assets if they reinvest in eligible assets. The section lists various assets that are eligible for reinvestment.
Jul 24, 2024 · This increased exemption limit will apply for FY 2024-25 and subsequent years. Q8. Please elaborate on change in the rate structure for other long-term capital gains? Ans. The rate for other long-term capital gains on all assets has been rationalized to 12.5% without indexation (Section 112). This rate was earlier 20% with indexation.
Jul 23, 2024 · In Budget 2024, Finance Minister Nirmala Sitharaman announced a flat 12.5% tax rate on all long-term capital gains (LTCG) and revised the exemption limit to ₹1.25 lakh per year.
