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 capital gains on sale of a residential house if you invest the indexed long term capital gains for purchasing or constructing a resident house within specified time limits. Likewise, Section 54F allows you exemption from long term capital gains on sale of any asset other than a residential house if you invest the net consideration received to buy or construct a residential house within specified time limits. The finance minister has proposed that any profit made on market linked debentures shall be treated as short term capital gains irrespective of the holding period.

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History of this topic

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 …

Understanding capital gains tax exemption under Section 54
2 years, 7 months ago

Understanding capital gains tax exemption under Section 54

Business Standard  

The profit earned from the sale of a house is taxed as a capital gain. If in this case, the seller was liable to pay income tax on capital gains arising from the sale of the old house, then it would impose a hardship on him. Under Section 54 of the Income Tax Act, a seller can av­ail of tax …

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 …

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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