{"id":2501,"date":"2019-11-04T17:59:19","date_gmt":"2019-11-04T12:29:19","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2501"},"modified":"2019-11-04T17:59:45","modified_gmt":"2019-11-04T12:29:45","slug":"what-is-the-capital-gains-under-the-income-tax-act","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/","title":{"rendered":"Income tax: What is the\u00a0 Capital Gains under the Income Tax act"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#What_are_the_Capital_Assets\" title=\"What are the Capital Assets?\">What are the Capital Assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Three_Important_Element_for_Capital_Gain_Tax\" title=\"Three Important Element for Capital Gain Tax:\">Three Important Element for Capital Gain Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#What_is_the_Capital_Gain_Tax_Under_the_Income_Tax_Act\" title=\"What is the Capital Gain Tax Under the Income Tax Act?\">What is the Capital Gain Tax Under the Income Tax Act?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Short_Term_Capital_Gain\" title=\"Short Term Capital Gain\">Short Term Capital Gain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Long_Term_Capital_Gain_LTCG\" title=\"Long Term Capital Gain (LTCG)\">Long Term Capital Gain (LTCG)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Treatment_for_Short_Term_and_Long_Term_Losses\" title=\"Treatment for Short Term and Long Term Losses\u00a0\">Treatment for Short Term and Long Term Losses\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Set-off_of_Capital_Losses\" title=\"Set-off of Capital Losses: \">Set-off of Capital Losses: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Carry_Forward_of_Losses\" title=\"Carry Forward of Losses:\u00a0\">Carry Forward of Losses:\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#Mandatory_Filing_of_a_Return\" title=\"Mandatory Filing of a Return:\">Mandatory Filing of a Return:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_Capital_Assets\"><\/span><b>What are the Capital Assets?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A Capital asset either movable or immovable nature is defined to be assessed under the Income Tax Act,1961. Capital Asset is intended to be held for Earning Future Economic Benefits either in Monetary Or Non-Monetary Terms.<\/span> <span style=\"font-weight: 400;\">Capital gains are applicable to capital assets such as stocks, bonds, jewelry, and<a href=\"https:\/\/aktassociates.com\/blog\/maha-rera-quarterly-filing-and-updates\/\"> real estate property<\/a><\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2504 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Capital-Gains-under-the-Income-Tax-act.png\" alt=\"Capital Gains under the Income Tax act\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Capital-Gains-under-the-Income-Tax-act.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Capital-Gains-under-the-Income-Tax-act-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Capital-Gains-under-the-Income-Tax-act-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0The capital assets must be transferred in the relevant financial year in order to be eligible for taxation during the current year so that Appropriate Capital Gain Rates can be <\/span><span style=\"font-weight: 400;\">properly<\/span><span style=\"font-weight: 400;\"> applied and calculated.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Three_Important_Element_for_Capital_Gain_Tax\"><\/span><b>Three Important Element for Capital Gain Tax:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Capital Gain Tax is determined while considering the following\u00a0 below mentioned three Crucial elements :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A capital asset such as property, gold, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The transfer of such capital asset<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A profit earned as a result of this transfer.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_Capital_Gain_Tax_Under_the_Income_Tax_Act\"><\/span><b>What is the Capital Gain Tax Under the Income Tax Act?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When the Capital Asset is sold then the difference between the Sale Value and Cost of its Acquisition is taken for the Calculation of<a href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/\">\u00a0 Capital Gain Tax <\/a>under the Income Tax Act,1961.<\/span><\/p>\n<p><strong>Capital Gain Tax may be of Two Types:-<\/strong><\/p>\n<ul>\n<li>Short Term Capital Gain<\/li>\n<li style=\"font-weight: 400;\">Long Term Capital Gain<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Short_Term_Capital_Gain\"><\/span><b>Short Term Capital Gain<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Short-term gains on<\/span><span style=\"font-weight: 400;\"> investments that are held as an investment for a period of fewer than 12 months period&#8230;<\/span><span style=\"font-weight: 400;\"> \u00a0<\/span><span style=\"font-weight: 400;\">Short-term capital gains<\/span><span style=\"font-weight: 400;\"> tax applies to assets held for a year or less and is taxed as ordinary income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The profit on an asset sold after less than a year of ownership is generally treated for tax purposes as if it were wages or salary. Such gains are added to your\u00a0<\/span><span style=\"font-weight: 400;\">earned income<\/span><span style=\"font-weight: 400;\">\u00a0or\u00a0<\/span><span style=\"font-weight: 400;\">ordinary income<\/span><span style=\"font-weight: 400;\">. You&#8217;re taxed on the short-term capital gain at the same rate as for your regular earnings. An exception is when the amount of the gain happens to push you into a higher\u00a0<\/span><span style=\"font-weight: 400;\">marginal tax<\/span><span style=\"font-weight: 400;\">\u00a0bracket.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Long_Term_Capital_Gain_LTCG\"><\/span><b>Long Term Capital Gain <\/b><span style=\"font-weight: 400;\">(<\/span><b>LTCG<\/b><span style=\"font-weight: 400;\">)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">LTCG covers the majority category of Assets that meet the definition of Long Term Nature. LTCG rates are determined under section 112A. <\/span>Example for LTCG,<\/p>\n<p><span style=\"font-weight: 400;\">For the <\/span><b>Real estate <\/b><span style=\"font-weight: 400;\">for a holding period of more than 2 years<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the <\/span><b>Debt funds <\/b><span style=\"font-weight: 400;\">for a holding period of more than 3 years and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the <\/span><b>stocks\/equity mutual funds<\/b><span style=\"font-weight: 400;\"> for the holding period should be of more than 1 year.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Treatment_for_Short_Term_and_Long_Term_Losses\"><\/span><b>Treatment for Short Term and Long Term Losses\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When the Capital Gains is calculated and when the sale receipts from a Capital Asset is less than the cost of acquisition either indexed or not including all expenses on transfer on Capital Asset \u2013 instead of a Capital Gain you incur a Capital Loss<\/span><b>. <\/b>Type of asset is<span style=\"font-weight: 400;\"> seen While Capital Gains are taxed according to the tax rate for the purpose of Taxability either they are long term or short term Assets.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Set-off_of_Capital_Losses\"><\/span><b>Set-off of Capital Losses<\/b><span style=\"font-weight: 400;\">: <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As per\u00a0 <a href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/\">Income Tax Laws<\/a> capital gains are not to be allowed to be set off against any income from other heads \u2013This implied that Capital gain cant is used for the gain of any other head losses. It is to be noted that only Long Term Capital Loss can be set off only against only Long Term Capital Gains even not Short Term Capital Losses are allowed. However, Short Term Capital Loss is allowed to be set off against both Long Term Gains and Short Term Gains both in any terms.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Carry_Forward_of_Losses\"><\/span><b>Carry Forward of Losses<\/b><span style=\"font-weight: 400;\">:<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is meant by Losses can be carried forward if in the particular year Losses could not be set off due to certain reason namely, No head of capital gain income left or The income eligible to be set off is insufficient to be set off for the fixed losses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accordingly, if Losses couldn\u2019t be set off of an entire capital loss in the same year, either Short Term Or\/and Long Term loss then it can be carried forward for 8 Assessment Years immediately following the Assessment Year in which the loss was first computed.\u00a0<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2340 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png\" alt=\"Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Mandatory_Filing_of_a_Return\"><\/span><b>Mandatory Filing of a Return<\/b><b>:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For the purpose of claiming a set-off of losses under any Head except House property Losses, <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">Income Tax return(ITR)<\/a> mandatorily required to be filed. Even if no income or only Losses are ascertained in a particular year, still ITR is required to be filed for the purpose of carrying forward of losses for the prescribed period under the Act.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are the Capital Assets? A Capital asset either movable or immovable nature is defined to be assessed under the &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Income tax: What is the\u00a0 Capital Gains under the Income Tax act\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/what-is-the-capital-gains-under-the-income-tax-act\/#more-2501\">Read more<span class=\"screen-reader-text\">Income tax: What is the\u00a0 Capital Gains under the Income Tax act<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income tax: What is the\u00a0 Capital Gains under the Income Tax act<\/title>\n<meta name=\"description\" content=\"A Capital asset either movable or immovable nature is defined to be assessed under the Income Tax Act,1961. 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