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Inflation Index is reported in terms of Financial Year, not Assessment Year. Usually, once minimize capital gains the tax has been retained from the sale proceeds, there is no further requirement for any tax retention; however, in rare cases if there is some reason to doubt the validity of the declared capital gains tax position, or if it is otherwise unclear the fiscal representative may continue to withhold up to the same amount of tax again for up to 4 years pending finalisation of the position.

Last but not least, there's potentially a 3.8% Medicare surtax on capital gains reaped by upper-income investors. If your gain exceeds the amount you can exclude, the difference is treated as a long-term capital gain eligible for the 15% or 20% federal rate (or 0% if your taxable income minimize capital gains is low enough). In practice, where a resident of a treaty partner alienates assets situated in China as part of its ordinary course of business the gains so derived will likely be assessed as if it is a capital gain, rather than business profit. I have a doubt on LTCG, how to treat gains on sale of shares bought before 2003 and sold off market (no STT paid).

This means that individuals who hold QCB loan notes are only taxed on the interest received and they are not taxed on any appreciation in the capital value of the loan. The investor has to pay capital gain taxes (if any) while filing his/her Income Tax Returns. Many Nri's who end up selling properties they own in India are led to believe that they need to pay 20% as capital gains tax in India.

Sale value and capital gains of those shares, securities and mutual funds purchased with foreign currency are calculated in the same currency. Like other governments, it has also tried to limit the use of the kind of tax havens exposed by the trove of documents called the Panama Papers. Gains on shares are free of capital gains tax provided the shares have been held for more than eight years.

As in the case of capital gains bonds, the property acquired should not be transferred within a 3-year period from the date of transfer or construction; failure to adhere to the same will negate the tax benefits claimed. The difference between the depreciated tax basis of equipment and the amount of the purchase price allocated is taxed to the seller at the seller's ordinary income tax rate. Personally my view is that the tax should apply to future transactions,” he added.

Posted Jun 23, 2016 at 10:41pm



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