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Capital Gain Tax Return Means Any Statement of profit or gain or Loss that arises from the sale of a ‘capital asset Like House, Shops, Jewelery or Other Investment. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place. Every Salaried person or the Business Person has to file income tax return who has income more than Below taxable limit i.e Rs 250000 in Financial Year. Salaried Person, Retired Pensioner, Women Who earns only from the Interest, Army Person, The person who does the job and earns more the Basics exemption limit U/s 250000.
Salaried people get Form 16 which gives information of salary earned and advance taxes paid. Besides the basic salary there are other components being benefits which are wholly or partially taxable. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc. You are required to upload these documents within hours of plan purchase to help us assign a CA and file your returns on time.
Tax Filing For
- Salaried individuals with single or multiple Form 16
- Individuals with house property and Salaried Individual or both
- Tax filing for salaried individuals with Other Sources like interest Income Casual income etc
- Capital Gain Tax Return
- Basic Share Trading Not regular
- Tax Due/Refund Status and Filing Confirmation
- Expert Assisted Tax Filing
- Business Hours CA Support – Email & Phone
- Form 16 from your company
- Additional Form 16
- Form 26AS Tax Credit Statement
- Aadhar card
- Bank statement
- Details of House Property
- Other Documents
Rental Income on a let out property
Annual Value of a property which is ‘deemed’ to be let out for income tax purposes ( when you own more than one house property)
Annual Value of the property which is self occupied, which is Nil
Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil.
Capital Gain Tax Return helps you in filing the calulations and tax planning.
For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months.
It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated.
Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is.The assets are:
Equity or preference shares in a company listed on a recognized stock exchange in India
Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India
Units of UTI, whether quoted or not
Units of equity oriented mutual fund, whether quoted or not
Zero coupon bonds, whether quoted or not.
When the above listed assets are held for a period of more than 12 months, they are considered long-term capital asset
But incase of the Loss in the Business or Sale of property or assets you should file Capital Gain Tax Return on time
For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018