what is capital asset concept in direct tax code can anyone explain?
1 Replies
Nirav
(Accountant)
(595 Points)
Replied 25 August 2011
Hello,
Currently, Capital assets like stock, Bonds, etc. if sold as a short term will be taxed @ 15%. And if Long term will be fully exempt from tax.
But there is a significant change in Direct Tax Code regarding the sale of such capital assets. These significant change is removal of the head of "INCOME FROM CAPITAL GAINS" .Any income received as capital gains earned by a domestic investor shall be considered as income received from ordinary sources and shall be taxed according to the individual’s tax slab.
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