Capital gains under Income Tax Act 1961

• October 10, 2020
• CA Chandan Agarwal's Office

Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain.

Article explains Taxability of short term capital gains, Capital gains in case of depreciable assets, Capital Gain Where some assets are left in block of assets, Capital Gain When no assets are left in block of assets, Short term capital gain where land & building are sold together, Capital Gain when Capital asset transferred by the partner to the partnership firm, Capital gain in case of Dissolution of a Firm, Calculation of Capital gain from Plot and building , Taxation of Long term capital gains, Section 50C and Section wise Table on Exemptions from long term capital gain.

Read more on: https://taxguru.in/income-tax/capital-gains-under-income-tax-act-1961.html