Short and Long Term Capital Gain Tax

Capital Gains Tax India

Form 10E
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What is Capital Gains Tax in India?

Any profit or gain that arises from the sale of a "capital asset" is called a capital gain. This income must be taxed in the year in which the asset is sold. There are two types of capital gains: short term and long term.

Short Term Capital Gain

Owning an capital asset for not more than 12 months

On sale of equities, short term gain is added to ITR and taxed based on income tax slab
On sale of equities,Short-term capital gain tax is 15%

Long Term Capital Gain

Owning an capital asset for more than 12 months

On sale of equities,Long term capital gain tax is over 10 % for value greater than 1 Lakh
Other than sale of equities,Long-term capital gain tax is 20%
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Income from Capital Gains or Tax Relief under Section 89



For individuals

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Capital Gain or Tax Relief

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Sale of Agricultural Land
Sale of Agricultural Land

How captial gain works on sale of agricultural land?

Capital Gains Account Scheme
Capital Gains Account Scheme

When can you invest in the Capital Gains Account Scheme?

List of Documents Required

Form 16
Form 16 is provided by your employer. This certificate has details about your tax deductions on ITR filings.
Capital Gain Statement
The capital gain is the profit you earn when you sell your asset. The selling price is higher than the cost price.
Form 26AS Tax Credit Statement
A statement that shows how much tax was taken out of your salary.
Aadhaar card
Aadhar is recogonised Proof of Identity.Genrally for the ITR filing
Bank statement
In case, Interst receive is more than 10,000 Rs. from bank(s).
Frequently Asked Questions

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Is the benefit of indexation available for computing capital gains arising on the sale of a short term capital asset?
The amount of capital gain is determined by subtracting the purchase price from the sale price. However, it would not be appropriate to do that if the asset was held for a long time. Inflation will have an effect on that, so we have to include it in our calculations. So when you sell your asset, you need to think about its purchase price and then use a formula that includes inflation. This is known as indexation. And the process is called as,indexed cost of acquisition.
Should an NRI pay taxes on gains made on the sale of property in India?
Long term capital gains tax India, from the sale of your house property is taxed at 20%. This means that if you make a certain amount of money, you will have to pay taxes on it. This capital gains tax on property will be applicable.
Should an NRI pay taxes on gains made on the sale of property in India?
Property sold in India is subject to taxes. The person buying the property must deduct taxes at the rate applicable to their income level if the property is short term. If the property is long-term, 20% LTCG tax applies. It's important for an NRI to know that they should deduct taxes on gains and not on cash received from selling a house. A jurisdictional Assessing Officer can help determine which gain needs to be taxed by the new owner.
Can I set off my short term capital loss against any other head of income?
If you have a capital loss, it can be set off against any income. But if your capital loss is short term, it can only be set off against other short term capital gains. If your capital loss is long term, it can only be set off against other long term capital gains.

Didn't find the right response? view more from here

New Tax Rules for Debt Mutual Funds: Debt mutual funds have to be held for more than 3 years to get the benefit of long-term capital gains tax. If they are not held for more than 3 years, then the capital gains will be taxed as your income tax bracket.

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