What are the capital gain tax implications? Could you elaborate?
Difference between write off and write back
Page no : 2
Mitali
(Finance Professional)
(14996 Points)
Replied 18 October 2023
There are two types of capital gains:
Tax Rate On Short-Term Capital Gains
- When the securities transaction tax is not applicable - The STCGT is added to the ITR of the taxpayer and the individual is taxed as per his income tax slab
- When the securities transaction tax is applicable - 15%
Short-term Capital Gain = Selling Price - (Cost of Acquisition + Incidental costs of transfer + Cost of improvement)
Tax Rate On Long-Term Capital Gains
- Except on the sale of equity-oriented funds or equity shares - 20%
- On the sale of equity-oriented funds or equity shares - 10% over and above Rs.1,00,000
Long-term Capital Gain = Selling Price - (Index Cost of Acquisition + Incidental costs of transfer + Index Cost of improvement)
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