Long Term capital gains tax is in the news. Apparently, there were some rumours which possibly also led the markets downhill.
For those not so familiar with the subject, here’s a quick primer and update on capital gains tax.
Let’s first understand what is a capital gain.
A capital gain is a realised profit on sale of assets such as land, building, precious metals (gold), stocks, mutual funds, etc. Note, the gain has to be realised after sale of asset.
As per the current status of tax laws in India, this is how capital gains tax is charged.