Introduction

Returns from property computation

Income Tax Assessee classification

Residential status

Income from salary

Exemptions available on salary

Income from house property

Tax exemption

Income and taxation

Long term/Short term capital gains

Income from other sources

Capital gains

   
Capital gains is the profit arising from the transfer of a capital asset effected during the previous year. The term capital asset and transfer have been defined in the act.

Capital assets include all kinds of movable and immovable property. But it does not include articles like apparel, furniture, motor vehicles meant for personal use. Jewellery is, however, included. Gain on agricultural land is exempt. However, agricultural land if falling within 8 k In of municipal limit or notified area will also be treated as capital asset. A land will be considered as agricultural only if agricultural operations are actually carried out.