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Income-tax Act, 1961. 925 Record (s) | Page [1 of 93] Compare Act/ SectionNEW. Choose Acts: as amended by Finance Act. 2023 2022 2021 2020 2019 (No. 2) 2019 (No. 1) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 ...
20 sie 2024 · LTCG applies to long-term assets held for over 24 months, except for some exemptions, with new rates for equity and other assets. Calculation includes consideration, acquisition cost, and exemptions. Tax exemptions available under specific conditions. ITR-2 form used to report capital gains.
14 sie 2024 · Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, and removal of indexation benefits.
If the assets were held for two or more years, the gain will be taxed as a capital gain at a 15% flat rate (recapture rules are applicable). If the assets were held for less than two years, the gain will be taxed as ordinary capital income (up to 39% for FY 2023).
9 paź 2020 · According to section 50 of Income tax act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain.
31 sie 2024 · Capital gains tax rates have been adjusted: short-term capital gains on listed equities now face a 20% tax, while long-term capital gains tax has increased from 10% to 12.5%. Indexation benefits for long-term assets, other than immovable property, are withdrawn.
The Central Board of Direct Taxes (CBDT) has issued Frequently Asked Questions (FAQs) dated 24 July 2024, clarifying certain points in relation to the capital gains regime as proposed in Union Budget 2024-25 and as presented in the Lower House of the Parliament on 23 July 2024. Background: • Union Budget 2024-25 was presented in the Lower ...
