Capital gains tax is a tax imposed on the profit earned by individuals or corporations when they sell an asset at a higher price than its original purchase cost. This tax applies specifically to assets classified as “capital assets,” including stocks, bonds, real estate, and various investments.
When an individual sells a capital asset, the positive difference between the selling price and the initial purchase price consider a capital gain. Which becomes subject to capital gains tax. However, if the asset sell for a price lower than its original purchase cost, the negative difference known as a capital loss. Which can use to offset other capital gain and potentially reduce the overall taxes burden.
For more information visit this site: https://www.incometax.gov.in
The capital gain tax rate varies depending on several factors, such as the type of asset being sold, the duration of its ownership, and the individual’s income level. In certain jurisdictions, the taxes rate for capital gains may lower for assets held for an extended period, as a means to encourage long-term investment.
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