If you are planning to build a new house and at the same time want to save long-term capital gains tax, then the capital gains account scheme can be very beneficial for you. By keeping capital in this account, you also get relief from paying heavy tax on profit, while on the other hand interest income is also earned on the deposited capital. Explain that the capital gains account scheme is primarily designed to encourage people to invest the profit from the sale of assets and then invest in some other assets.
What is Long Term Capital Gains (LTCG) Tax?
Gains on the transfer of a capital asset are taxed under the head capital gains, also known as long-term capital gains tax. Capital gains tax is levied on profits made from the sale of the stock market, house, property, jewellery, car, bank FD, NPS, and bonds.
What are the benefits of the Capital Gains Account Scheme?
The capital gains account scheme provides the facility to reinvest the gains made on the sale of shares, bonds, mutual funds, and jewellery. In Capital Gains Account Scheme (CGAS) you have to transfer the gains you have accumulated while selling shares, bonds, debt or equity mutual funds, and gold or diamond jewellery and this helps you to cut tax by around 10-20 percent. can.
Conditions related to availing capital gains account
Not all benefits under the Capital Gains Account Scheme are exempt. For this only LTCG earned on selling the above-mentioned asset can be used. Also, you need to hold your listed shares and equity mutual funds for at least 12 months before selling your gains to be classified as long-term.
The cases of Covid-19 are increasing continuously in China. The government is closing down places
The number of workers trapped in the Silkyara Tunnel of Uttarkashi is 41. Efforts are continuing
Given the severe heat, Delhi's Deputy Governor VK Saxena has ordered paid leave for laborers and
The route of Rahul Gandhi's Bharat Jodo Yatra has been decided in Haryana. The journey will begin
The decision on the India-US trade agreement now rests with the US, as the Indian government has
Sunrisers Hyderabad kept their hopes of reaching the playoffs alive by defeating Rajasthan Royals
Gujarat: PM Modi inaugurates Defense Expo, said - picture of our resolve for Amritkal
Prime Minister Narendra Modi inaugurated the Defense Expo 2022 in Gandhinagar, Gujarat on Wednesd
China will support stabilize Pakistan's financial situation: President Xi Jinping
The Prime Minister of Pakistan is on his first two-day visit to Beijing. Where he met Chinese Pre
China has been the victim of a severe outbreak of the Corona epidemic for more than a month. Acco
Congress Party has released its manifesto for the Lok Sabha elections 2024. The party has named i
