B Com Exam > B Com Videos > Income Tax Laws > Income from Capital Gains - Head of Income, Income Tax Laws
Income from Capital Gains - Head of Income, Income Tax Laws Video Lecture | Income Tax Laws - B Com
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FAQs on Income from Capital Gains - Head of Income, Income Tax Laws Video Lecture - Income Tax Laws - B Com
| 1. What is the head of income for capital gains? |  |
Ans. The head of income for capital gains refers to the specific category under which income from capital gains is classified for income tax purposes. It is one of the five heads of income as per the Income Tax Laws in India.
| 2. How is income from capital gains taxed? | |
Ans. Income from capital gains is taxed differently based on the period of holding of the asset. If the asset is held for less than 36 months, it is considered a short-term capital gain and taxed at the applicable income tax slab rate. If the asset is held for more than 36 months, it is considered a long-term capital gain and taxed at a flat rate of 20%.
| 3. 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 in a financial year, it can be set off against any capital gains made in the same financial year. If the capital losses cannot be fully set off in the same financial year, the remaining losses can be carried forward for set off against future capital gains for a specified period.
| 4. Are there any exemptions available for capital gains? | |
Ans. Yes, there are certain exemptions available for capital gains under the Income Tax Laws. For example, if an individual sells a residential property and invests the sale proceeds within a specified period in purchasing another residential property, they can claim an exemption under Section 54 of the Income Tax Act. Similarly, there are exemptions available for investments made in specified bonds, startups, etc.
| 5. Are there any specific reporting requirements for capital gains in the income tax return? | |
Ans. Yes, there are specific reporting requirements for capital gains in the income tax return. The details of the capital gains, including the type (short-term or long-term), the sale price, the cost of acquisition, and any exemptions claimed, need to be reported in the appropriate schedule of the income tax return form. It is important to accurately report the capital gains to ensure compliance with the Income Tax Laws.
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