Category Archives: Capital Gain

Summary of Exemption from Capital Gain

myITreturn

If the taxpayer invests the sale proceeds of one capital asset to purchase the other specified capital asset/s within the specific time, then he/she can claim the benefit of exemption. Following are the various exemptions provided by the Income-tax Act: Particulars Section 54 Section 54B Section 54D Section 54EC Section… Read more »

Set-off of Capital Loss

myITreturn

Loss, in simple terms, means excess of expenses over income. Loss arises when income earned during the financial year by the taxpayer is less than the expenditures incurred by him during the year. There might be house property loss or capital loss or loss from business/profession/other income. The assets which… Read more »

Capital Gain Income

myITreturn

What is Capital Gain? Capital gain is Sale consideration of a property minus Cost of purchase of such property. Following conditions should be fulfilled for taxation of capital gain under Income-tax Act, 1961: There is a capital asset; Such asset is sold during a financial year by the taxpayer. What… Read more »

Taxation of transactions in Securities

myITreturn

The trend of Investment and trading in securities has increased over a period of time. Since many are drawn towards the theory of  “Higher the risk higher the returns”. Investors or traders in securities should keep in mind the tax aspect. Basically dealing in shares is distinguished between Capital gains… Read more »