Taxability of capital gains depends on the nature of a capital asset which can be either long-term or short-term. Nature of a capital asset is determined on basis of its period of holding since date of acquisition.
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Exemptions from capital gains
The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or consideration, as the case may be, is further invested in specified new assets.
Indexed Cost of acquisition or improvement
Capital gains from sale of a long-term capital asset is calculated after reducing the indexed cost of acquisition/improvement from the sales consideration. Indexed cost is calculated after adjusting impact of inflation on the cost of acquisition.
Income from house property
Income earned by a taxpayer from letting out his house property is taxable under this head. A house, even if not let out, can be charged to tax if it is deemed to be let-out.
Medical Facility
This calculator enables valuation of perquisite for medical facility provided to an employee by his employer in India or outside India
Transport Allowance Calculator
This calculator enables calculation of taxable and exempt portion of Transport allowance given to an employee by his employer
Children education and hostel allowance
This calculator enables calculation of taxable and exempt portion of Children Education and Hostel Allowance given to an employee by his employer
House rent allowance calculator
House rent allowance received by an employee is taxable. However exemption is available under section 10(13A). This calculator enables calculation of taxable and exempt portion of HRA
Motor Car Facility
Use of own car or employer’s car for personal purposes or partly for personal and partly for official purposes is a taxable perquisite. The valuation of such perquisite is dependent on certain factors, i.e., capacity of car, usage of car, etc.
Concessional or interest free loan
Employees taking interest free loan or at concessional rates from the employer are taxable on the perquisite value of such benefits. The taxable perquisite is computed at rate of interest charged by SBI for similar loan.
Gratuity
Gratuity receive by an employee from his employer is exempt up to certain limit if some conditions are satisfied. Gratuity received by a Government employee is fully exempt from tax.
Leave Encashment
Leave encashment may be received by an employee during employment or on retirement. Its taxability depends upon various factors like employer type, period of employment, etc.
Rent Free Accommodation
This calculator enables calculation of taxable value of perquisites in case the employer provided rent free accomodation to its employees
Tax Calculator
This calculator allows you to compute your tax liability on mere input of your taxable income
Interest under section 234A/234B/234C/234D
Interest under Section 234A Interest under section 234A shall be levied if the Income-tax return is furnished after the due date or is not furnished. Simple interest shall be charged at the rate of 1% per month or part thereof