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Computation of capital gains in case of sale of shares or debentures Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Computation of capital gains in case of sale of shares or debentures Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is capital gains tax? |  |
Ans. Capital gains tax is a tax imposed on the profit or gain that arises from the sale of shares or debentures. It is the difference between the sale price and the purchase price of the shares or debentures.
| 2. How is the capital gain calculated? | |
Ans. The capital gain is calculated by subtracting the purchase price (or cost basis) of the shares or debentures from the sale price. The resulting amount is the capital gain, which is subject to taxation.
| 3. Are there any exemptions or deductions available for capital gains tax? | |
Ans. Yes, there are certain exemptions and deductions available for capital gains tax. For example, if the shares or debentures are held for a certain period of time, they may qualify for long-term capital gains tax rates, which are usually lower than short-term rates. Additionally, there may be provisions for exemptions or deductions in certain circumstances, such as for investment in specified sectors or under specific government schemes.
| 4. How is the capital gains tax rate determined? | |
Ans. The capital gains tax rate is determined based on the holding period of the shares or debentures. If the shares or debentures are held for less than a specified period (usually one year), they are considered short-term capital gains and taxed at the applicable short-term capital gains tax rate. If the shares or debentures are held for a longer period, they are considered long-term capital gains and taxed at the applicable long-term capital gains tax rate.
| 5. Can capital losses be set off against capital gains? | |
Ans. Yes, capital losses can be set off against capital gains. If an individual incurs a capital loss from the sale of shares or debentures, they can offset that loss against any capital gains they may have made during the same financial year. This can help reduce the overall tax liability on capital gains. However, there are certain rules and limitations regarding the set-off of capital losses, and it is advisable to consult a tax professional or refer to the relevant tax laws for specific details.
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Nov 16, 2024 Last updated |
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