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Wat is capitalgains?



Wat is capitalgains?..

Answer / viss_in

Any profit on sale of a capital asset is Capital Gains. e.g
Profit (gains) on sale of a house.

Under Income tax act - these gains are classified as Short
term or Long term - depending on the period of the asset
for which the asset is held. Diff rates of tax apply for
short and long term gains.

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