Having Capital Gains from sale of property or need to claim tax relief under Section 89? File your return with Tax Planner experts.
Select this plan if you have incurred a profit or a loss from sale of stocks or mutual funds or house property in addition to salary income. This plan is not for intra-day or derivative traders.
Tax filing for individuals with capital gains(Indian Listed Shares /Indian Mutual Funds / Property etc) or salary arrears.
Expert Assisted Tax Filing.
Business Hours Expert Support – Email and Phone
Salaried Employees/non salaried individuals with Capital Gains from Property/Stock.
This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital.
Upload Documents on Vault
Review computation sheet
Get ITR-V after e-filing
Form 16 from your company
Additional Form 16
Form 26AS Tax Credit Statement
Capital Gain Statement
Bank statement if interest received is above Rs. 10,000/-
Annual Information Statement
Home loan certificate for pervious F.Y, if Applicable
Any profit or gain that arises from the sale of a 'capital asset' is a capital gain. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place.
No capital gains is applicable when an asset is inherited because there is no 'sale', only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.
Here are some examples of capital assets: land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, jewellery.
This includes rights in or in relation to an Indian company, including rights of management or control or any other right.
The following are not considered capital assets:
Any stocks or consumables or raw material held for the purpose of Business or Profession
Personal goods such as clothes, furniture held for personal use.
Agricultural land in India in a rural area
A capital asset held for 36 months or less is a short-term capital asset. An asset that is held for more than 36 months is a long-term capital asset.
For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months.
It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated.
Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is.
The assets are:
Equity or preference shares in a company listed on a recognized stock exchange in India
Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India
Units of UTI, whether quoted or not
Units of equity oriented mutual fund, whether quoted or not
Zero coupon bonds, whether quoted or not.
When the above listed assets are held for a period of more than 12 months, they are considered long-term capital asset
Tax on long-term capital gain: Long-term capital gain is taxable at 20% + surcharge and education cess.
Tax on short-term capital gain when securities transaction tax is not applicable: If securities transaction tax is not applicable, short-term capital gain is added to your income tax return and the taxpayer is taxed according to his income tax slab.
Note: Tax on short-term capital gain : If securities transaction tax is applicable, short-term capital gain is taxable at the rate of 15% +surcharge and education cess.
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