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Quick Summary. Capital gains from land are taxed based on short-term or long-term classification, subject to different tax rates. Exemptions like Section 54F and 54EC help save tax on land sales by reinvesting proceeds in property or specified bonds. Capital Gains Account Scheme allows deferring tax payment.
Tax saving is a benefit you can avail for selective investment options and expenses. You anyways need to invest money to achieve your financial goals. Section 80C is one of the most popular and favorite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments
Since you are planning to sell the new house within two years from the date of its purchase, the profits shall be taxed as short-term capital gains. Moreover, the long-term capital gains claimed exempt earlier shall be reduced from the cost of the house for computing the cost of this house for capital gain purposes.
Individual taxpayers do not have to pay income tax on long-term capital gains (LTCG) up to Rs 1 lakh earned on the sale of equity shares or equity-oriented mutual funds. Gains from selling of equity shares and equity oriented MFs is considered long-term if it is sold after holding for 12 months or more.
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How do you calculate advance tax? Estimate your total income from all sources earned from 1st April- 31st March of the financial year for which you are doing the advance tax calculations. Subtract all eligible deductions and exemptions. Compute tax on such income as per the tax regime you opted for
If you are looking for financial tools that enable income tax deductions for salaried employees, consider ELSS. Equity Linked Savings Scheme or ELSS is considered one of the best tax saving options for salaried individuals. Investment in ELSS schemes is eligible for deduction from an employee's taxable income u/s 80C.
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TDS is a mode of collection of taxes by which a certain percentage of amount is deducted by a person at the time of crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government Account. TCS is the tax collected by the seller from the buyer on sale, such that it can be deposited with the tax authorities.
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