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Computation of Capital Gain Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Computation of Capital Gain Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is capital gain taxation? |  |
Ans. Capital gain taxation is a form of tax imposed on the profit earned from the sale of a capital asset. It is the difference between the purchase price and the selling price of the asset. This tax is applied to various types of assets such as stocks, real estate, mutual funds, and other investments.
| 2. How is capital gain tax calculated? | |
Ans. Capital gain tax is calculated by subtracting the cost basis (purchase price) of the asset from the selling price. The resulting amount is the capital gain. The tax rate applied to the capital gain depends on the holding period of the asset and the taxpayer's income tax bracket.
| 3. Are there any exemptions or deductions available for capital gain taxation? | |
Ans. Yes, there are certain exemptions and deductions available for capital gain taxation. For example, in some countries, if the asset is held for a certain period of time, such as one year or more, it may qualify for a lower tax rate or even a tax exemption. Additionally, certain expenses related to the sale of the asset, such as brokerage fees or commissions, can be deducted from the capital gain.
| 4. What is the difference between short-term and long-term capital gains? | |
Ans. Short-term capital gains apply to assets held for a relatively short period, usually one year or less. These gains are taxed at the taxpayer's ordinary income tax rate, which is typically higher than the tax rate for long-term capital gains. Long-term capital gains, on the other hand, apply to assets held for a longer period, usually more than one year. These gains are taxed at a lower tax rate, often referred to as the long-term capital gains tax rate.
| 5. Are there any strategies to minimize capital gain tax liability? | |
Ans. Yes, there are several strategies that can help minimize capital gain tax liability. One common strategy is to take advantage of tax-loss harvesting, where you sell investments that have experienced losses to offset the gains from other investments. Additionally, deferring the sale of assets to a later tax year or donating appreciated assets to charitable organizations can also help reduce capital gain tax liability. It is advisable to consult with a tax professional to explore these strategies further and ensure compliance with tax laws.
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Nov 16, 2024 Last updated |
Video Description: Computation of Capital Gain for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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