BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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additional tax when selling second homes or buy-to-let properties
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a tax on earnings and self-employed profits
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a tax levied directly on personal income
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a tax set by local authorities to meet their budget requirement
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Detailed explanation-1: -However, if the transaction falls in the long-term capital gains (LTCG) category, you will be charged 20.8% of the profit in taxes. The 20.8% LTCG tax is applicable, irrespective of your tax slab.
Detailed explanation-2: -More than Rs 1 lakhs-10% without indexation. LTCG up to Rs 1 lakh-non-taxable, More than Rs 1 lakhs-10% without indexation.
Detailed explanation-3: -The basic difference between these Section 54 and Section 54F of the Income Tax Act is the means of capital gain. If the capital gain is from selling a house property, then the exemption falls under Section 54, otherwise, the exemption falls under section 54F.
Detailed explanation-4: -Q. How do I avoid capital gains tax on property sale? A. If the sale occurs after 24 months of the purchase of the property, one can avoid paying the STCG tax. If you are holding the property for more than five years, you need to invest the gains to buy a new property.
Detailed explanation-5: -Budget 2022 update Also, the surcharge on long term capital gains(LTCG) on listed equity shares, units, etc., has been capped at 15%.