The sale of property and engaging in share trading are important financial transactions that come with specific tax suggestions. As taxpayers, it is crucial to understand the details of Income Tax Return (ITR) filing concerning property sales, capital gains, and share trading. But if you have done any such transaction, make sure to comply all such compliances related to ITR Filing.
When it comes to selling property, individuals are required to report the capital gains or losses acquired during the transaction in their income tax returns. Property sale ITR filing includes providing detailed information about the sale, purchase price, sale price, and associated expenses. Here are key aspects to consider:
a. Capital Gains Calculation: Determine the capital gains by deducting the purchase price and allowable expenses from the sale proceeds. The resulting amount is categorized as either short-term or long-term capital gains, depending on the holding period.
b. Exemptions and Deductions: Discover available exemptions and deductions under the Income Tax Act, such as exemptions on reinvestment in specified assets or claiming deductions for expenses related to the transfer.
c. Form Selection: Select the appropriate ITR form for filing based on the nature of the property transaction, i.e., residential property, commercial property, or land.
Capital gains tax is levied on the profit earned from the sale of a capital asset, such as real estate. The tax liability is determined by the holding period of the property:
a. Short-Term Capital Gains (STCG): If the property is held for less than 24 months, the gains are considered short-term and are taxed at the individual's applicable income tax slab rate.
b. Long-Term Capital Gains (LTCG): If the property is held for 24 months or more, gains are considered as long-term and are taxed at a specified rate. Individuals may avail indexation benefits to adjust the purchase price for inflation.
Income generated from share trading, including gains from the sale of stocks and securities, is also subject to taxation. Share trading ITR filing involves careful reporting of gains and losses:
a. Capital Gains from Shares: Report gains or losses from the sale of shares, differentiating between short-term and long-term gains based on the holding period.
b. Intraday Trading: Separate gains from intraday trading, which are considered speculative business income, from gains on delivery-based trades.
c. Tax on Dividends: Be aware of the tax implications on dividends received from shares and report them accurately in the ITR.
Staying informed about the tax implications of property sales, capital gains, and share trading is key for individuals engaged in these financial activities. By ensuring accurate and timely ITR filing. Seeking professional advice can further enhance one's understanding and help navigate the complexities of income taxation.
Please call us on 📞 +91-9719586772 or write us at info@sktaxlawfirm.com for ITR filing for capital gain in property, ITR filing for shares and stocks, ITR filing online consultation for ITR 2. We provide our services in Ghaziabad and all below location.
New Industrial Township No 2 |
Sector-83 |
Shiv Durga Vihar |
Bhopani Village |
Sector-9 |
Sector-46 |
Sector-27A |
Chawla Colony |
New Industrial Township |
Mithapur |
Sector-54 |
Fatehpur Billoch |
New Industrial Township No 4 |
sector-6 |
Sector-13 |
Chandpur |
New Industrial Township No 3 |
Parvatiya Colony |
Sector-34 |
Sector-91 |
Sector-19 |
Katan Pahari |
Sector-17 |
Manjhawali Village |
Sector-20 |
Sector-109 |
Sector-39 |
Kabulpur |
Sector-27 |
Sector-69 |
Nehru Colony |
Sector-80 |
Sector-18 |
Agwanpur |
Sector-28 |
Sector-77 |
Sector-30 |
Sector-99 |
Sector-58 |
Asoati |
Sector-5 |
Vinay Nagar |
Sector-21A |
Tigaon |
Sector-2 |
Sector-75 |
Sector-53 |
Dhouj |
Sector-29 |
Badhkal |
Sector-59 |
Ballabhgarh |
Sector-10 |
Sector-76 |
Sector-64 |
Pirthla |
Sector-56 |
Sector-87 |
Sector-41 |
Palwal |
Sector-8 |
Sector-97 |
Sector-63 |
Surya Nagar |
Sector-15 |
Sector-132 |
Neharpar Faridabad |
Surya Colony |
Sector-37 |
Sector-79 |
Sector-21D |
Eros Garden |
Suraj Kund |
Kanwara Village |
Sector-52 |
Surajkund Road |
Sector-12 |
Tikawali village |
Sector-51 |
Sholaka |
Sector-25 |
Sector-89 |
Ashoka Enclave |
Sikri |
Sector-23 |
Sector-86 |
Sector-14 |
Pelak |
Sector-55 |
Sector-78 |
Charmwood Village |
Ram Nagar |
Sector-62 |
Sector-85 |
Jawahar Colony |
Sector-4 |
Sector-15A |
Jasana |
Gurukul Basti |
Ashoka Enclave 3 |
Sector-33 |
Nangla Gujran |
Sector-43 |
Dabuwa Colony |
Sector-22 |
Ajit Nagar |
Mewala Maharajpur |
Sector-32 |
Sector-21B |
Yadav Colony |
Sector-50 |
Sector-11 |
Sector-16A |
Sector-84 |
Sector-21C |
Dayal Bagh |
Sector-57 |
Sector-88 |
Sector-42 |
New Industrial Township No 5 |
Sector-31 |
Rajpur Kalan |
Sector-65 |
New Industrial Township No 1 |
Sector-35 |
Kirawali |
Sehatpur |
Sector-16 |
Old Faridabad |
Sadupura |
Green Fields Colony |
Sector-36 |
Gandhi Colony |
Sector-72 |
Shastri Colony |
Sector-3 |
Sector-7 |
Basantpur |
Friends Colony |
Ismailpur |
Sainik Colony |
Spring Field Colony |
Ankhir |
Sector 56A |
Sector-48 |
Sector-82 |
Old Chungi |
Nehrapur |
Pali |
Sector-49 |
Sector-71 |
Mathura Road |
Sector-20A |
Tilpat |
Railway Colony |
Palwal Alighar Highyway |
Jeevan Nagar |
Sector-104 |
Sector-24 |
Sector-1 |
Sector-67 |
Gazipur |
Sector-70 |
Sector-45 |
Indraprastha Colony |
Faridabad |
|
Sector-81 |