Capital Gains and ITR Overview

What is Capital Gain?

• Capital Gain is the cost of purchasing an asset.
• Capital Gain is the profit from the sale of an asset.
• Capital Gain is a tax on income.
• Capital Gain is the interest earned on savings accounts.

What is tax rate on LTCG from euity shares exceeding Rs 1,25,000?

• 15%

• 20%

• 12.5%

• 10%

Types of Capital Gains

• Capital losses
• Equity and debt capital gains
• Real estate and personal property gains
• Short-term and long-term capital gains

Which of the following is capital asset?

• Stock-in-trade

• Jwellery

• Personal car

• Rural agricultural land

Gain from unlisted shres after 24 months are:

• Short-term capital gains tax applies.
• No tax applies after 24 months.
• Only dividends are taxed.
• Long-term capital gains tax applies.

Income from House property is taxable only when:

• the property is owned and self-occupied
• the property is inherited and not rented out
• the property is used for personal purposes only
• the property is owned and not self-occupied or is rented out

Muncipal taxes are deductable only if:

• Municipal taxes are deductible only if paid in cash.
• Municipal taxes are deductible if paid by tenant

• Municipal taxes are deductible if paid by owner

• .Municipal taxes are deductible only if paid through e-mode.

Which ITR is used for reporting, if a person has income from salary, capital gain and director in a company?

• ITR-1
• ITR-2
• ITR-4
• ITR-3