BUISENESS MANAGEMENT
TAXES
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Detailed explanation-1: -The two types of Capital Gains are short-term capital gains tax (STCG) and long-term capital gains tax (LTCG). Investment in a house property is one of the most sought out investments.
Detailed explanation-2: -Profits or gains arising from transfer of a capital asset are called “Capital Gains” and are charged to tax under the head “Capital Gains”. Meaning of Capital Asset. Capital asset is defined to include: (a) Any kind of property held by an assessee, whether or not connected with business or profession of the assesse.
Detailed explanation-3: -Capital gains and losses are classified as long term if the asset was held for more than one year, and short term if held for a year or less. Short-term capital gains are taxed as ordinary income at rates up to 37 percent; long-term gains are taxed at lower rates, up to 20 percent.