{"id":12786,"date":"2020-06-09T14:13:42","date_gmt":"2020-06-09T14:13:42","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=12786"},"modified":"2024-06-04T10:23:08","modified_gmt":"2024-06-04T04:53:08","slug":"taxation-of-capital-gain","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/taxation-of-capital-gain\/","title":{"rendered":"Taxation of Capital Gain"},"content":{"rendered":"\n\n\n
Content<\/strong><\/p>\n

What are capital assets?<\/a><\/p>\n

Assets not treated as Capital Assets<\/a><\/p>\n

Types of capital gain<\/a><\/p>\n

Short term capital gain<\/a><\/p>\n

Short term capital assets<\/a><\/p>\n

Tax Rate of Short Term Capital Gain u\/s 111A<\/a><\/p>\n

Taxability provisions for short term capital gain<\/a><\/p>\n

Long term capital gain<\/a><\/p>\n

Long term capital assets<\/a><\/p>\n

Calculation for long term capital gain<\/a><\/p>\n

Cost inflation Index<\/a><\/p>\n

Calculation for Index cost<\/a><\/p>\n

Tax Rate of long Term Capital Gain u\/s 112A<\/a><\/p>\n

Taxability provisions for short term capital gain<\/a><\/p>\n

Exemptions from long term capital gain<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Any income derived from capital assets whether movable or immovable is taxable under the head capital gain. Now the important thing is that what are capital assets?<\/strong><\/p>\n

\"\"<\/p>\n

According to Income Tax Act 1961, Capital Asset is defined as:<\/p>\n

    \n
  1. Any kind of property held by the assessee, whether connected with business or profession of the assessee or not.<\/li>\n
  2. Any securities held by Foreign institutional investors (FII)<\/a> which has been invested in such securities in accordance with the regulations and guidelines made under the SEBI Act, 1992<\/li>\n<\/ol>\n

    Assets not treated as Capital Assets<\/strong><\/p>\n

      \n
    1. Stock-in-trade, consumable stores, raw materials held for the purpose of sale in business or profession;<\/li>\n
    2. Any personal movable property held for use of taxpayer own or for its family member dependent upon him.<\/li>\n<\/ol>\n\n\n\n
      Exception of personal purpose movable assets:<\/em><\/strong><\/p>\n

      \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Jewellery<\/p>\n

      \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 costly stones<\/p>\n

      \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ornaments made of silver, gold, platinum or any other precious metal<\/p>\n

      \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 archaeological collections<\/p>\n

      \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 drawings and paintings<\/p>\n

      \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 sculptures<\/p>\n

      or any work of art shall be considered as capital asset even if used for personal purposes;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        \n
      1. Specified Gold Bonds and Special Bearer Bonds;<\/li>\n
      2. Agricultural Land in India, that must not being situated:<\/li>\n
      3. Within the jurisdiction of municipality, notified area committee, town area committee, cantonment board and which have a population should not less than 10,000;<\/li>\n
      4. Within range of following distance measured aerially from the local limits of any municipality or cantonment board:<\/li>\n<\/ol>\n\n\n\n\n\n\n
        Population<\/strong><\/td>\nKilometres<\/strong><\/td>\n<\/tr>\n
        10000 to 1lakh<\/td>\nUp to 2 km<\/td>\n<\/tr>\n
        1lakh to 10lakh<\/td>\nUp to 6 km<\/td>\n<\/tr>\n
        More than 10lakh<\/td>\nUp to 8km<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
          \n
        1. Deposit certificates issued under the Gold Monetisation Scheme, 2015<\/li>\n<\/ol>\n

          TYPES OF CAPITAL GAIN:<\/h3>\n

          Any income arises from sale of capital asset is classified as capital gain<\/p>\n

          Capital gain is classified into two parts:<\/p>\n

            \n
          1. SHORT TERM CAPITAL GAIN:<\/strong><\/li>\n<\/ol>\n

            Short term capital gain arises when taxpayer has sold a Short term capital asset<\/p>\n

            Short term capital asset<\/h3>\n\n\n\n\n\n\n
            Capital assets<\/strong><\/td>\nPeriod of holding<\/strong><\/td>\n<\/tr>\n
            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Equity or preference shares listed in recognized stock exchange in India<\/p>\n

            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Any other security listed in recognized stock exchange in India<\/p>\n

            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Units of UTI (whether quoted or not)<\/p>\n

            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Units of an equity oriented fund<\/p>\n

            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Zero coupon bonds (whether quoted or not)<\/td>\n

            		Up to 12 months<\/td>\n<\/tr>\n
            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Unlisted shares<\/p>\n

            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Immovable property(being land or building or both)<\/td>\n

            		Up to 24 months<\/td>\n<\/tr>\n
            \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other capital asset<\/td>\nUp to 36 months<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            The income arises from sale of such capital asset after deducting the expenses of sale i.e. commission, brokerage charges etc and the cost of acquisition and cost improvement is treated as short term <\/strong>capital gain<\/strong> and is included in the income of the taxpayer.<\/p>\n

            Calculation for short term capital gain<\/h3>\n\n\n\n\n\n\n\n
            Particulars<\/strong><\/td>\nAmount<\/strong><\/td>\n<\/tr>\n
            Sale proceed<\/td>\nXXX<\/td>\n<\/tr>\n
            Less<\/em> Cost of sale<\/td>\n(XXX)<\/td>\n<\/tr>\n
            Less<\/em> cost of acquisition of asset<\/td>\n(XXX)<\/td>\n<\/tr>\n
            Less<\/em> Cost of improvement<\/td>\n(XXX)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            Note: The deduction u\/s 80C to 80U can be taken from the income from short term capital gain<\/a> apart from the short term capital gain u\/s111A.<\/em><\/p>\n

            Tax Rate of Short Term Capital Gain u\/s 111A<\/h3>\n\n\n\n\n\n
            Condition<\/strong><\/td>\nTax rate<\/strong><\/td>\n<\/tr>\n
            When securities transaction tax is applicable<\/strong><\/td>\n15%<\/td>\n<\/tr>\n
            When securities transaction tax is not applicable<\/strong><\/td>\nAccording to Income tax slab<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            Taxability provisions for short term capital gain<\/strong><\/p>\n

            Capital gains in case of depreciable assets:<\/strong> As per section 50 of Income tax Act 1961 if any assessee sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain.<\/p>\n

            Short term <\/strong>capital gain<\/strong> where land & building are sold together:<\/strong> In case there is a block namely land & building, the capital gain on such land and building should be calculated separately.<\/p>\n

              \n
            1. LONG TERM CAPITAL GAIN:<\/strong><\/li>\n<\/ol>\n

              Income arises from sale of long term capital asset is long term capital gain<\/p>\n

              Long term capital asset<\/h3>\n\n\n\n\n\n
              Capital assets<\/strong><\/td>\nPeriod of holding<\/strong><\/td>\n<\/tr>\n
              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Equity or preference shares listed in recognized stock exchange in India<\/p>\n

              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Any other security listed in recognized stock exchange in India<\/p>\n

              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Units of UTI (whether quoted or not)<\/p>\n

              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Units of an equity oriented fund<\/p>\n

              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Zero coupon bonds (whether quoted or not)<\/p>\n

              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Unlisted Equity or preference shares held in a company (if transfer of such shares takes place on or before 10th<\/sup> July, 2014)<\/p>\n

              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Units of mutual fund specified under section 10(23D) other than equity oriented fund (whether quoted or not, if transfer of such shares takes place on or before 10th<\/sup>\u00a0July, 2014)<\/p>\n

              \u00a0<\/strong><\/td>\n

              		More than 12 months<\/td>\n<\/tr>\n
              \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other capital asset<\/td>\nMore than 36 months<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Long term capital gains is calculated after deducting indexed cost of acquisition<\/u> and the indexed cost of improvement of the capital asset from the net sale consideration of the long term capital asset.<\/p>\n

              Calculation for long term capital gain<\/h3>\n\n\n\n\n\n\n\n
              Particulars<\/strong><\/td>\nAmount<\/strong><\/td>\n<\/tr>\n
              Sale proceed<\/td>\nXXX<\/td>\n<\/tr>\n
              Less<\/em> Cost of sale<\/td>\n(XXX)<\/td>\n<\/tr>\n
              Less<\/em> Index cost of acquisition of asset<\/td>\n(XXX)<\/td>\n<\/tr>\n
              Less<\/em> Index cost of improvement<\/td>\n(XXX)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Cost inflation Index<\/h3>\n

              Cost Inflation Index is an increase in the inflation rate over the time period that will lead to a rise in the prices.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Financial Year<\/strong><\/td>\nCost Inflation Index (CII)<\/strong><\/td>\n<\/tr>\n
              2001-02 (Base year)<\/strong><\/td>\n100<\/td>\n<\/tr>\n
              2003-04<\/strong><\/td>\n105<\/td>\n<\/tr>\n
              2004-05<\/strong><\/td>\n109<\/td>\n<\/tr>\n
              2005-06<\/strong><\/td>\n113<\/td>\n<\/tr>\n
              2006-07<\/strong><\/td>\n117<\/td>\n<\/tr>\n
              2007-08<\/strong><\/td>\n122<\/td>\n<\/tr>\n
              2008-09<\/strong><\/td>\n129<\/td>\n<\/tr>\n
              2009-10<\/strong><\/td>\n137<\/td>\n<\/tr>\n
              2010-11<\/strong><\/td>\n148<\/td>\n<\/tr>\n
              2011-12<\/strong><\/td>\n167<\/td>\n<\/tr>\n
              2012-13<\/strong><\/td>\n184<\/td>\n<\/tr>\n
              2013-14<\/strong><\/td>\n200<\/td>\n<\/tr>\n
              2014-15<\/strong><\/td>\n220<\/td>\n<\/tr>\n
              2015-16<\/strong><\/td>\n240<\/td>\n<\/tr>\n
              2016-17<\/strong><\/td>\n254<\/td>\n<\/tr>\n
              2017-18<\/strong><\/td>\n264<\/td>\n<\/tr>\n
              2018-19<\/strong><\/td>\n280<\/td>\n<\/tr>\n
              2019-20<\/strong><\/td>\n289<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Calculation for Index cost<\/h3>\n

              The indexed cost is calculated by multiplying the actual cost of acquisition with C.I.I of the year in which the capital asset is being sold and divided by C.I.I of the year of purchase of capital asset.<\/p>\n\n\n\n
              Actual cost of acquisition*Cost inflation index of sale year\/ Cost inflation index of purchase year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note: The Central government notifies cost inflation index for every year. Indexation before 2001-2002 should not consider.<\/em><\/p>\n

              Indexation should not apply under short term capital gain<\/em><\/p>\n

              Tax Rate of long Term Capital Gain u\/s 112A<\/strong><\/p>\n\n\n\n\n\n
              Condition<\/strong><\/td>\nTax rate<\/strong><\/td>\n<\/tr>\n
              On sale of Equity shares\/ units of equity oriented fund<\/strong><\/td>\n10% over and above Rs 1 lakh<\/td>\n<\/tr>\n
              Other<\/strong><\/td>\n20%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Taxability provisions for long term capital gain<\/strong><\/p>\n

              Capital gain from Plot and building should be separately calculated<\/u><\/strong>: As discussed above plot and building are separate assets and the capital gain arises from this calculated separately. If assessee holds the plot for more than 3 years and the building has been sold before 36 months the capital gain on plot will be considered as long term and the capital gain on building will be treated as short term capital gain.<\/p>\n

              Taxation of Long term capital gains:<\/u><\/strong><\/p>\n

              Section 112(1) provides that any capital gain arising from a long term capital asset being the listed securities which are sold outside the stock exchange the long term capital gain shall be calculated on such securities as below:<\/p>\n

                \n
              • Tax arrived at @ 20% on such long term capital gain after indexation u\/s 48<\/li>\n
              • Tax arrived at @ 10 % on such long term capital gain without indexation<\/li>\n<\/ul>\n

                Whichever is less<\/p>\n

                Exemptions<\/strong> from long term capital gain<\/strong><\/p>\n

                \"\"<\/p>\n

                Section 10 exemption<\/strong><\/p>\n

                Section 10(33):<\/strong> Section 10(33) gives exemption to Long-term or short-term capital gain arising on transfer of units of Unit Scheme, 1964 that transferred on or after 1-4-2002.<\/p>\n

                Section 10(37):<\/strong> Section 10(37) gives exemption arising on transfer of agricultural land situated in an urban area by way of compulsory acquisition only to an individual or Hindu Undivided Family (HUF). The land must be used by the taxpayer or by his parents (if individual) for agricultural purpose for at least the period of 2 years immediately preceding the date of its transfer.<\/p>\n

                Section 54\/54B\/54 D\/54EC\/54ED\/54F\/54 G\/54GA exemptions<\/strong><\/p>\n

                \u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
                Sec.<\/strong><\/td>\nAsset<\/strong><\/td>\nAssessee<\/strong><\/td>\nHolding Period of Original Assets<\/strong><\/td>\nWhether Reinvestment Necessary \u2014Time Limit<\/strong><\/td>\nOther Conditions\/
                \nIncidents<\/strong><\/td>\n                		Quantum<\/strong><\/td>\n<\/tr>\n
                54<\/strong><\/td>\nResidential House Property<\/td>\nIndividual HUF<\/td>\n3 years<\/td>\nYes, In Residential House, within the 1 year before, or 2 years after the date of transfer (if purchased) or 3 years after the date of transfer (if constructed).<\/td>\n<\/td>\nThe amount of gains, or the cost of new asset, whichever is lower<\/td>\n<\/tr>\n
                54B<\/strong><\/td>\nAgricultural Land<\/td>\nIndividual<\/td>\nUse for at least 2 years<\/td>\nYes In Agricultural Land, within the 2 years after the date of transfer.<\/td>\nMust have been used by assessee or by his parents for agricultural purposes<\/td>\nAs above<\/td>\n<\/tr>\n
                54D<\/strong><\/td>\nIndustrial Land or Building or any right therein<\/td>\nAny Assessee<\/td>\nUse for 2 years<\/td>\nYes, In Industrial Land, Building, or any right therein within 3 years after the date of transfer.<\/td>\nMust have been acquired by compulsorily acquisition<\/td>\nAs above<\/td>\n<\/tr>\n
                54EC<\/strong><\/td>\nAny Long-term Capital Asset (LTCA)<\/td>\nAny Assessee<\/td>\nShares, Listed Securities, Units of UTI\/Mutual Fund covered u\/s. 10(23D) :1 year<\/p>\n

                Others assets should hold for period of 3 years<\/td>\n

                		Yes, the Whole or any part of capital gain is invested in bonds redeemable after 3 years and issued on or after 1-4-2006 by NHAI or REC and notified by the Govt. within 6 months from the date of transfer.<\/td>\n<\/td>\nThe amount of gain or the cost of new asset whichever is lower subject to Rs. 50,00,000 per assessee during any financial year for investments made on or after 1-4-2007. Also investment in bonds notified before 1-4-2007 would be subject to conditions laid down in notification including limiting conditions (i.e., Rs. 50lakhs per assessee)<\/td>\n<\/tr>\n
                54ED<\/strong><\/td>\nLTCA being listed securities or units<\/td>\nAny Assessee<\/td>\nListed Securities or units of UTI\/Mutual Fund covered u\/s. 10(23D)for 1 year<\/td>\nYes, Within six months from the date of transfer in acquiring eligible issue of capital<\/td>\nexemption is available only in respect of the assets transferred before 1-4-2006<\/td>\nThe amount of gain or cost of new asset whichever is lower subject to maximum Rs. 50,00,000 per assessee during any financial year for investments made on or after 1-4-2007. Also investment in the bonds notified before 1-4-2007 would be subject to conditions laid down in the notification including conditions of Rs. 50lakhs per assessee<\/td>\n<\/tr>\n
                54F<\/strong><\/td>\nAny Capital Asset (not being a residential house)<\/td>\nIndividual HUF<\/td>\nShares, Listed, Securities, Units of UTI\/Mutual Fund covered u\/s. 10(23D):1 year Others :3 years<\/td>\nYes, In Residential House, within 1 year before, or 2 years after the date of transfer (if purchased), or 3 years after the date of transfer (if constructed)<\/td>\n<\/td>\nIf the cost of the specified asset is not less than Net Consideration of the original asset, the whole of the gains. If the cost of the specified asset is less than the Net Consider-action, the proportionate amount of the gains.<\/td>\n<\/tr>\n
                54G<\/strong><\/td>\nIndustrial land or building or plant or machinery<\/td>\nAny Assessee<\/td>\n<\/td>\nYes, In similar assets and expenses on shifting of original asset, within 1 year before, or 3 years after the date of transfer.<\/td>\n<\/td>\nThe amount of gains, or the aggregate cost of new asset and shifting expenses, whichever is lower.<\/td>\n<\/tr>\n
                54GA<\/strong><\/td>\nIndustrial land or building or plant or machinery<\/td>\nAny Assessee<\/td>\n<\/td>\nYes, In similar assets and expenses on shifting of original assets to a Special Economic Zone within 1 year before or 3 years after the date of transfer<\/td>\n<\/td>\nThe amount of gains, or the aggregate cost of new asset and shifting expenses, whichever is lower<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                How to minimize capital gain:<\/strong><\/p>\n

                FAQs on capital gain:<\/strong><\/p>\n

                  \n
                1. If the tax payer is NRI or a foreign company than the benefits of indexation will be availed to them or not?<\/li>\n<\/ol>\n

                  Long-term capital gains arising to any non-residents or foreign company from transfer of unlisted securities shall be taxable without any benefit for indexation.<\/p>\n

                    \n
                  1. What if the conditions of section 54 of Income Tax Act are not satisfied even after availing the benefits?<\/li>\n<\/ol>\n

                    If assessee after claiming exemption under section 54 does not continue to fulfill the following condition for availing deduction i.e. if after claiming exemption under section 54, the new house is sold before a period of 3 years from the date of its purchase\/completion of construction. If the new house is sold before a period of 3 years from the date of its purchase\/completion of construction, then the deduction claimed will be treated as income in the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

                    Content What are capital assets? 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