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Tax Planning

Capital gains

   
Capital gains is the profit arising from the transfer of a capital asset effected during the previous year. The term capital asset and transfer have been defined in the act.

Capital assets include all kinds of movable and immovable property. But it does not include articles like apparel, furniture, motor vehicles meant for personal use. Jewellery is, however, included. Gain on agricultural land is exempt. However, agricultural land if falling within 8 k In of municipal limit or notified area will also be treated as capital asset. A land will be considered as agricultural only if agricultural operations are actually carried out.
 

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