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 …
The Union government is reportedly considering a reduction in income tax for individuals earning up to Rs 15 lakhs, according to a media report. Notably, India’s income tax system features two regimes, offering taxpayers the choice between deductions and lower tax rates. Under OTR, the tax slabs for individuals below 60 years are as follows: income up to Rs 2.5 …
Announcement on income tax is the most awaited part of the Union budget. Income between Rs 2.5 lakh to Rs 5 lakh is taxed at the rate of 5 per cent under the old as well as the new tax regime. Personal income from Rs 5 lakh to Rs 7.5 lakh is taxed at a rate of 20% under the …
