Budget 2020: Income tax rules on gains from gold, property sale, stocks likely to change; tax treatment for LTCG may be revised
4 years, 11 months ago

Budget 2020: Income tax rules on gains from gold, property sale, stocks likely to change; tax treatment for LTCG may be revised

Firstpost  

Among the Budget proposals being considered for the Union Budget is that the long term capital gains tax will be fixed at 24 months or two years uniformly for all asset classes In a major move, the government is likely to stipulate a uniform framework for all asset classes—equity, property and gold—for computation of capital gains. Long term capital gains for gold kicks in after three years of its sale and is levied at 20 percent plus indexation benefits. The short term capital gains is levied at sale of gold on a time duration of less than three years and is levied as per the tax slab of the assessee. On property, currently, if a property is sold within 24 months, one has to pay a short term capital gains tax on the gains as per an individual’s income tax slab.

Tax Property Budget Sale Income Tax Gold Capital Capital Gains Term Months Gains Three Years 20 Percent 24 Months 12 Months Ltcg Union Budget  gold  income  budget  sale  treatment  revised  gains  rules  tax  months  stocks  term  property  capital  likely  ltcg

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Planning to sell your gold, diamond, silver, and other jewellery? Know income tax rules here
2 days, 1 hour ago

Planning to sell your gold, diamond, silver, and other jewellery? Know income tax rules here

Live Mint  

Is long-term capital gain from the sale of jewellery taxable for an individual whose income is lower than the basic exemption limit? Jewellery profits taxed as long-term or short-term capital gains based on holding period The holding period to make a capital asset, long-term or short-term, differs for different classes of capital assets. The long-term capital gains, however, are taxed …

Budget 2024: Selling old property to attract more tax. Here's why
5 months, 2 weeks ago

Budget 2024: Selling old property to attract more tax. Here's why

India Today  

If you are planning to sell your old property, prepare for higher taxes on the transaction following the Union Budget 2024-25. During her speech, Finance Minister Nirmala Sitharaman announced changes to long-term capital gains taxation, including the removal of the indexation benefit for capital gains tax on real estate sales, which will affect most property owners. In an effort to …

Gold prices rise 7.60% this month. Which income tax rules apply and how?
8 months, 2 weeks ago

Gold prices rise 7.60% this month. Which income tax rules apply and how?

Hindustan Times  

With the rise in gold prices because of the ongoing geo-political crisis in the world, it has become important to know how the income tax rule applies to income booked from gold investments. Also, in one year, the gold prices have surged by around ₹13,000 per 10 gm, which is 22 percent higher than its price of around ₹59,500 per …

Proposals relating to Capital gains in Finance Bill 2023
1 year, 11 months ago

Proposals relating to Capital gains in Finance Bill 2023

Live Mint  

The finance minister has proposed some provisions dealing with capital gains in the budget presented Wednesday. Cap on availing long term capital gains by Investment in a residential house Present Tax laws allow you exemption from long term capital gains if you invest in acquiring a residential house within specified time limits. Section 54 allows you exemption on long term …

Before you go for gold, know tax rules for physical, digital & paper forms
2 years, 2 months ago

Before you go for gold, know tax rules for physical, digital & paper forms

Live Mint  

There are various forms of gold where one can invest. As per the Income Tax Act, the sale of physical gold attracts capital gains tax. If you are holding gold for more than 36 months before the date of sale, it is a long-term capital gain. “You can take indexation benefit on the cost of acquisition of physical gold to …

How much gold you can keep at home? Limits and income tax rules explained
2 years, 2 months ago

How much gold you can keep at home? Limits and income tax rules explained

Live Mint  

Gold, the value of the precious yellow metal has only risen with time. Physical gold Ravi Singh, Vice President & Head of Research at Share India said as per the latest circular of CBDT to its officials to not to seize any gold ornaments and jewellery upto a certain level like a married woman can hold 500 gms of physical …

Income tax: This is how you can you seek exemption from long term capital gains
2 years, 5 months ago

Income tax: This is how you can you seek exemption from long term capital gains

Live Mint  

As the deadline to file income looms closer on July 31, taxpayers must be busy arranging the essential documents to be able to meet the deadline. For instance, the sale of immovable assets comes under long term capital gains if sold after two years and the time period reduces to one year in case of securities and mutual funds. To …

Sale of jewellery: Income tax rules on gains explained
3 years, 8 months ago

Sale of jewellery: Income tax rules on gains explained

Live Mint  

Is long-term capital gains from the sale of jewelry taxable for an individual whose income is lower than the basic exemption limit? It can be taxed as short term capital gains or long term capital gains depending on the period for which the jewelry was held. In case the other income excluding such long term capital gains is below the …

Uniform LTCG duration for equity, property, gold likely in Budget 2020
4 years, 11 months ago

Uniform LTCG duration for equity, property, gold likely in Budget 2020

India TV News  

In a major move, the government is likely to stipulate a uniform framework for all asset classes-equity, property and gold-for computation of capital gains. Among the Budget proposals being considered for the Union Budget is that the long term capital gains tax will be fixed at 24 months or two years uniformly for all asset classes. On gold, long term …

Three different routes to save tax on long-term capital gains
5 years, 4 months ago

Three different routes to save tax on long-term capital gains

Live Mint  

Just like you pay tax on income earned, selling your capital assets too invites tax. “The exemption under section 54 is available when the capital gains from property sale are reinvested into buying or constructing maximum two houses. Remember, your exemption will be reversed if you sell this new property within three years of purchase and capital gains from sale …

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