Wednesday, October 23, 2013

How to Compute Your Capital Gains

The word ‘income’ has special meaning with reference to income-tax. It inter alia includes gains derived on transfer of a capital asset. Since these are not annual accruals, these are treated on a different footing for taxation purpose.

The basic concepts and provisions relating to computation of taxable capital gains are briefly explained in this monograph.



Chapter 1 briefly outlines the computation of total income and tax payable on the total income. Chapter II deals with the scope of taxation of capital gains and the rules of computation of taxable gains and tax thereon. Deductions from the Long-term Capital Gains are discussed in Chapter- Ill. Chapter-IV contains rules applicable in certain exceptional cases. Treatment of losses and rules regarding carry forward and set off of such losses are discussed in Chapter-V.

The law contained in this publication is as per Income-tax Act, 1961 as amended by Finance Act 2011.


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