Long-term capital gains tax India
It is a tax on long-term capital gains tax India refers to the tax impose on the earnings generate from the sale of assets that are held for a long period of time.
In the Indian context, long-term capital gains tax is applicable on the sale of assets such as equity shares, equity-oriented mutual funds, and immovable property such as land, building, and house property.
As per the current tax laws in India, long-term capital gain tax is charge at a rate of 20% on the profit earn from the sale of these assets. However, there is an exemption for the first Rs. 1 lakh of long-term capital gains in a financial year.
For equity shares and equity-oriented mutual funds, consider an asset a long-term asset if you hold it for more than 1 year. For immovable property, consider an asset a long-term asset if you hold it for more than 2 years.
Note that short-term capital gains tax applies to the profits earned from the sale of assets held for a short period of time In the Indian context, short-term capital gains tax is levy at a more elevate rate in comparison to long-term capital gains tax.
To visit https://www.incometax.gov.in
