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NCFM Training in Hyderabad : Capital Market - IT Long-Term Gains

Income Tax on Long-Term Capital Gains

PAN compulsory for Securities transaction

The Income-tax (Eighth Amendment) Rules, 2002 made it mandatory for a person to quote permanent account numbers (PAN), issued by the income tax department, for securities transactions of over Rs. 1 lakh.

Tax on long-term capital gains (Section 112)

Where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head ‘Capital gains’, the tax payable by the assessee on the total income should be the aggregate of:

(i) in the case of an individual or a Hindu Undivided Family, being a resident:

(a) the amount of income -tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income; and

(b) the amount of income -tax calculated on such long-term capital gains at the rate of twenty per cent:

(ii) in the case of a domestic company:

(a) the amount of income -tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and

(b) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent

(iii) in the case of a non-resident (not being a company) or a foreign company:

(a) the amount of income -tax payable on the total income as reduced by the amount of such long-term capital gains , had the total income as so reduced been its total income; and

(b) the amount of income -tax calculated on such long-term capital gains at the rate of twenty percent

(iv) in any other case of a resident:

(a) the amount of income -tax payable on the total income as reduced by the amount of long-term capital gains, had the total income as so reduced been its total income; and

(b) the amount of income -tax calculated on such long-term capital gains at the rate of twenty per cent Where the gross total income of an assessee includes any income arising from the transfer of a long term capital asset, the gross total income should be reduced by the amount of such income and the deduction should be allowed as if the gross total income as so reduced were the gross total income of the assessee. Where the total income of an assessee includes any income arising from the transfer of a long-term capital asset, the total income should be reduced by the amount of such income and the rebate under section 88 should be allowed from the income -Tax on the total income as so reduced.

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Sources : NSEIL-NCFM