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Capital Gain - 1 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Capital Gain - 1 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is a capital gain? |  |
Ans. A capital gain is the profit that results from selling an asset for more than its purchase price. It is the difference between the selling price and the original price at which the asset was acquired.
| 2. How is capital gain calculated? | |
Ans. Capital gain is calculated by subtracting the purchase price of an asset from the selling price of the asset. The resulting amount is the capital gain.
| 3. Are there different types of capital gains? | |
Ans. Yes, there are two types of capital gains - short-term capital gains and long-term capital gains. Short-term capital gains are profits from selling assets held for one year or less, while long-term capital gains are profits from selling assets held for more than one year.
| 4. What are the tax implications of capital gains? | |
Ans. Capital gains are typically subject to capital gains tax. The tax rate on capital gains can vary depending on the type of asset and how long it was held before being sold. It is important to consult with a tax professional to understand the specific tax implications of capital gains.
| 5. How can one minimize capital gains tax? | |
Ans. There are several strategies to minimize capital gains tax, such as holding onto assets for longer periods to qualify for lower long-term capital gains tax rates, using tax-loss harvesting to offset gains with losses, and investing in tax-advantaged accounts like retirement funds. It is recommended to seek advice from a financial advisor to determine the best approach for minimizing capital gains tax.
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Dec 22, 2024 Last updated |
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