How tax is calculate on Capital Gains Income

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5 Points Posted on 22 April 2020

 

 

Hello!

I'am new to this forum i have some questions please clear my doubts

 

 

I have viewed this example https://cleartax.in/s/capital-gains-income

 

 


If we brought any item 5 lakhs and we sold  for 10 lakhs and for example fees is 1 lakh( fees is not correct but taken as example)

and it is less then 3 years and how it is calculated....? i mean how much tax we should pay.....?

 

How much percentage we should pay like 10% or 15%.

 

When Tax is applicable on capital gains i mean for example like above 4 lakhs or 3 lakhs or .....?

 

 

Thanks!

 

 

 

 

 

 

 

 

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On 22 April 2020 at 11:32 Report
Replies (5)
Quick Summary
This discussion explores how capital gains tax is calculated, particularly for assets like Bitcoin held for over three years. The original poster sought clarification on tax percentages and thresholds based on a hypothetical sale. Subsequent responses advised seeking professional advice from a CA and clarified that 'any item' can be a capital asset. The conversation also touched upon the disclosure of crypto holdings in tax returns.

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Chartered Accountant
12739 Points Posted on 22 April 2020

query not clear !!

please elaborate

nature of capital assets , POH and transaction in proper way .  

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On 22 April 2020 at 22:34
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Confidential
177 Points Posted on 23 April 2020
Sir meet with CA or otherwise disclose all material information with this regard
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On 23 April 2020 at 00:44
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5 Points Posted on 23 April 2020

Nature of capital assets is bitcoins long term gains....

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On 23 April 2020 at 05:46
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Profession
28269 Points Posted on 23 April 2020
Any item means


is it a capital asset....
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On 23 April 2020 at 08:24
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5 Points Posted on 23 April 2020

Should i disclose my bitcoin holdings in itr or should i disclose only when i sold those bitcoins and earned profits so that i can pay the long term capital gains right or should i also disclose every year the bitcoins holdings.....? Thanks!

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On 23 April 2020 at 17:12

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