{"id":507,"date":"2018-07-27T23:58:21","date_gmt":"2018-07-27T18:28:21","guid":{"rendered":"http:\/\/www.parinitasharma.com\/?p=507"},"modified":"2018-07-27T23:58:21","modified_gmt":"2018-07-27T18:28:21","slug":"income-tax-filing-reckoner","status":"publish","type":"post","link":"https:\/\/www.parinitasharma.com\/blog\/income-tax-filing-reckoner\/","title":{"rendered":"Income tax filing Reckoner"},"content":{"rendered":"

Income tax filing Reckoner: <\/strong><\/em><\/p>\n

Here’s how your capital gains will be taxed this year<\/p>\n

Have you earned capital gain on transfer of certain capital asset during the financial year ending 31st March 2018 and are you ready to file your income tax return after incorporating such capital gain? Here some tips for you on how to compute your capital gain for the purpose of disclosure in tax return.<\/p>\n

What are capital gains? Capital gain is the profit that the investor earns when he transfers a capital asset for a price higher than the purchase price. Capital asset means any kind of property held by the assessee other than:<\/span><\/p>\n

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1. Stock in trade, consumable stores or raw materials held for the purpose of business or profession
\n2. Personal effects that are movable property held for personal use but excludes jewellery, archaeological collection, drawings, paintings, sculptures or any work of art<\/p>\n

3. Agricultural land in certain areas, 6 percent or 7 percent gold bonds, National defence bonds, special bearer bonds, and gold deposit bonds under the gold deposit scheme.<\/p>\n

Computing capital gains can be a complex and challenging task depending on the nature and number of financial transactions undertaken by the assessee. Income-tax form requires mandatory disclosure of all capital gains realized during the year. The tax rate for these gains depend on the asset class and the holding period. On the basis of the holding period the capital asset are further divided into short term and long term capital assets.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Income tax filing Reckoner: Here’s how your capital gains will be taxed this year Have you earned capital gain on transfer of certain capital asset during the financial year ending 31st March 2018 and are you ready to file your income tax return after incorporating such capital gain? Here some tips for you on how […]<\/p>\n

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