A crucial amendment in the taxation of the rental income from the residential property is been introduced in the Union Budget 2024. Finance Minister Nirmala Sitharaman to curb tax evasion has obligated that this income could merely be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from Business or Profession’ (PGBP) category. Under “Income from House Property” the available deductions are distinct from those under “Profits and Gains from Business or Profession.” You can claim the standard deduction of 30 per cent…
Tag: gains
Market watchers slam hike in long term capital gains tax, say will discourage savings, investments | Pune News
Market watchers said Union Finance Minister Nirmala Sitharaman’s move to hike long term capital gains (LTCG) tax from 10 per cent to 12.5 per cent will discourage savings and investments. “Just when the stock market has been having a good run for a long time, the news dampened the spirits… It is an unnecessary move,” Gaurav Bora of Laksh Financial Solutions told The Indian Express. “By making taxation change in long term capital gain from 10% to 12.5% and in short term capital gain from 15% to 20%, the government…
ITR 2024-25: How to download capital gains statement for Income Tax Return filing | How To News
The profits or loss made from selling capital assets are schematically explained in an Income Tax Return (ITR) capital gains statement. It is important particularly when it comes to providing precise information regarding taxable income and determining the relevant capital gains tax. Details such as the date of purchase, its value at the time of purchase, selling date and amount received as well as the net are normally involved in the statement. Downloading a capital gains statement for Income Tax Return (ITR) filing involves a few steps, which may vary…
Wall Street gains more than 2% in broader rebound
[ad_1] Major Wall Street indices jumped more than 2% on Tuesday as investors bought shares of megacap growth and energy companies after stock markets swooped last week on concerns of a global economic slowdown. All 11 major S&P 500 sectors edged up as stocks fell broadly last week after the benchmark index posted its biggest weekly percentage decline since March 2020. With investors trying to assess how far the stock could fall as they weigh the risks to the economy, the Federal Reserve has taken aggressive measures to try to…
How to Open Capital Gains Account in India in 2022?
[ad_1] If a person is claiming capital gains exemption, he is required to deposit the money in the capital gains account before the due date of filing ITR. This article explains in detail about how to open a capital gains account, its tax benefits and features. For example: Mr. A sold a residential property in January 2022 and he intends to claim capital gains exemption by purchasing a new residential house. to claim capital gains exemptionHe is required to buy a new residential house within 2 years i.e. before January…
Capital gains tax on sale of property in India in 2022
[ad_1] Capital gains tax on sale of property in India is levied on the basis of the period for which the property was with the seller. If the asset was held for less than 2 years – it will be classified as short term capital gain and if the property was held by the seller for more than 2 years, it will be classified as long term capital gain Will go Capital gains tax rate on sale of property description tax rate short term capital gains tax rate As per…