New rules for capital gains tax

First of all, let us tell you about capital gains tax. If you bought a share or invested money in a mutual fund and sold it within a year. Then you will have to pay tax on the income earned from it. You will have to pay 15% tax. No matter what your tax slab is. Whether you fall in the zero tax or 30% tax slab, you will have to pay 15% tax on your earnings from shares or mutual funds. Earlier long term capital tax was very simple. In this, if you have not sold anything for 1 year, then nothing will be taxed. But after the year 2018, the government has made some changes in it. In this, now the government has also included the earnings from the stock market.

Apart from short term, long term capital gains tax is also to be paid-

If you have earned profit on any type of property in the long term, then you will have to pay tax. This is called long term capital gain tax. It is already present in the country.

If you invest in the stock market in your country for more than 1 year, then it comes under the ambit of long term capital gain. Long term capital gain tax is 10%. Long term gain up to 1 lakh is tax free. Thus, capital gains are taxed on the basis of the holding period.
For the first time since 2018, it is on the stock market. Earlier it has been imposed on many things including property. The calculation of long term varies according to different segments.

Now let us tell you about the new rules.

On January 6, 2023, CBDT issued a circular. It has been told that during the corona, the compliance has been carried forward from April to September for section 54 to 54G. In simple words, the exemption available in this has been extended till March 31, 2023.

Under the new decision, exemption will be available from 54 to 54 GB. In the middle section, there are sections with housing, property, bonds.

For compliance from April 2021 to February 2022, the extension will remain till March 31, 2023. It is clear that people with this time will get exemption.

2 thoughts on “New rules for capital gains tax”

Leave a Comment

Your email address will not be published. Required fields are marked *