Income tax query about capital gain

In general, whether a transaction needs to be mentioned in the income tax return depends on the tax laws and reporting requirements in your country. In many countries, individuals are required to report certain types of income and transactions, including capital gains, in their income tax returns.

If the transaction you mentioned involves the sale of a shop, it could potentially be subject to capital gains tax. However, whether it is taxable or not depends on various factors, such as the tax laws related to the sale of real estate or property, the holding period of the shop, and any applicable exemptions or deductions.

To get accurate and up-to-date information regarding the tax treatment of this specific transaction and whether it needs to be mentioned in the income tax return, it is best to consult with a qualified tax professional or refer to the tax regulations and guidelines provided by the tax authority in your country.

For further more detailed information on this topic visit: ITR 2 - Capital Gain Tax on Sale of Land & Building

To read more such trending content, visit Swipe Blogs.