Asked in Personal Finance & Tax at 4:33 PM on October 22, 2009
Tags: short, term, capital, gain, rate
For the 2009/10 tax year this "annual exemption" is £10100. ... Short-term capital gains are taxed at a higher rate: the ordinary income tax rate
Answered by Vipan Thapar , an ibibo Master, at 1:27 PM on October 26, 2009
, then the asset will be termed as Short Term Capital Asset. Whereas, in the case of any other asset the relevant period of holding more than 3 years for Long Term Capital Assets and 3 years or less for Short Term Capital Assets.Rate of Tax:Short Term Capital Gain: If the transaction has suffered STT, then the rate of tax is 10, if the transaction has not suffered STT, then the normal rate of 30 is applicable
of all other long term capital gains, indexation benefit is available and tax rate is 20.4. Similarly, short-term capital gain realised from the sale of shares and mutual funds through a recognised stock chargeable 10 or 20 and short-term capital gains chargeable 10.6. Section 111A specifically prescribes the method of taxing income of an individual or a Hindu Undivided Family, when there is both short-term
year will also constitute a long-term capital gain. Taxation In case of a short-term capital gain related to sale of property, the gained amount needs to be added to your total annual income. Then youll the government will allow you only a partial tax deduction in case you suffer a loss as a result of selling your investment. Capital gain tax rates For short-term capital gains, you will be taxed depending
by giving step by step calculations for arriving at the long term capital gains on sale of a house. You can also download a spreadsheet containing examples for many different scenarios. In Long Term and Short Term Capital Gain - Income Tax Calculation, we understood what a capital asset is, what capital gain is and how it is classified into long term capital gain & short term capital gain. We also...
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