Income tax query about capital gain

YES............,MANDATORY TO MENTION........... 10 TIMES IN 6 YEARS ........WOW.............. 

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

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Shop bought December 2016 for Rs 50,500, sold for Rs 5 lakh:
• Held more than 24 months, so LTCG. If sold before 23 July 2024: 20% with indexation (CII 2016-17: 264). If sold on or after 23 July 2024, a resident chooses the lower of 12.5% without indexation and 20% with indexation.
• Check the stamp duty value (Sec 50C): if it exceeds Rs 5 lakh by more than 10%, the SDV is the consideration.
• Exemptions: Sec 54F (new house) or 54EC (bonds).