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what are capital gains,explaine briefly.
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Answer / javeed
CAPITAL GAINS ARE ARE GAINS WHICH ARE TAXED WHEN A CAPITAL
ASSET (TANGIBLE ASSET,INTANGIBLE,CONVERTIBLE,MOVABLE
ASSET,IMOVABLE ASSET)IS TRASFERED OR SOLD
CAPITAL GAINS ARE OF TWO TYPES
1) SHORT TERM CAPITAL GAINS:ASSETS WHICH ARE USED FOR LESS
THAN 36 MONTHS COMES UNDER CAPITAL ASSETS & IF THAT ASSETS
R TRASFERED THEN IT IS CALLED SHORT TERM CP GAIN.
2)LONG TERM CAPITAL GAINS:ASSEST WHICH R USED FOR MORE THAN
36 MONTHS R CALLED LONG TERM CP ASSETS & INCOME ARISING
FROM THEM IS CALLED LONG TERM CP GAINS.
IN SOME CASES THE 36 MONTHS FOR LONG TERM CP ASSETS BECOMS
12 MONTHS.THE FOLLOWING ARE THE CASES
A)ZERO COUPON BONDS
B)EQUITY & PREFERRENCE SHARES
C)DEBENTURE BUT THEY MUST BE LISTED IN STOCK EXCHANGE IN
INDIA
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Answer / meenakshi
capital gains are the gain on the transfer of capital
assets during the year .capital assets are those which are
held for more than 36months they are longterm capital
assets if they are held for less than 12months they are
shortterm capital assets.capital assets doesnot include
land in rural area gold deposits silver utenzils personal
effects gold bar jewellery motorcar etc.transfer include
sale or relinquishment of capital asset,convertion of
capitalgoods into stockin trade etc.
| Is This Answer Correct ? | 2 Yes | 2 No |
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