Hi,
The advantage the government provides to taxpayers, easing the burden of paying tax on capital gains, is referred to as capital gains exemption. The requirement to pay capital gains tax occurs when a taxpayer sells an asset for a profit. So, if you are considering buying a capital asset then you must consider how the transaction may affect your tax situation. Taxpayers who know about the various Income Tax rules and associated Capital Gains Exemptions can profit from a reduction in the tax. The amount of income tax to be payable on capital gains in case of transaction of the capital assets would directly depend on;
The length of holding a capital asset
The various expenses and other deductions to be claimed, and
The final quantum of taxable capital gains.
Therefore, it's critical that all taxpayers are aware of the applicable capital gains exemptions when buying or selling capital assets.
I hope I was able to answer your query.
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What is capital gain exemption
lakramin
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1 Year
2022-12-02T10:38:45+00:00 2022-12-02T10:38:46+00:00Comment
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