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3. WHAT DO YOU UNDERSTAND BY THE TERM”CAPITAL GAINS”
USED IN THE INCOME TAX ACT? WHAT ARE THE RULES REGARDING
EXEMPTION OF CAPITAL GAINS.
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Answer Posted / srinivas annavarapu
A capital gain is a profit made out of selling a non-
inventory capital asset like Land & buildings, bonds,
stocks etc.
In India longterm capital gains (equity held for more than
one year are exempted from tax if they are sold through a
recognised stock exchange and STT is paid on the sale.
and short term capital gains are taxed at 15%(equity) and
can be reduced against short term capital loss and others
are taxed at the same rate as any other income.
| Is This Answer Correct ? | 3 Yes | 1 No |
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