File Salary ITR With Capital Gain Online

​​The taxability of capital gain depends on the nature of gain, i.e. whether short-term or long-term. Hence to determine the taxability, capital gains are classified into short-term capital gain and long-term capital gain. In other words, the tax rates for long-term capital gain and short-term capital gain are different. Similarly, computation provisions are different for long-term capital gains and short-term capital gains.​

​As per section 54EC - An assessee can claim tax relief by investing the amount of long-term capital gain arising from: a) any long term capital asset (upto A.Y 2018-19) b) long term capital asset being land or building or both (From A.Y 2019-20) in the specified bonds as follows: a) Bond redeemable after 5 years from A.Y 2019-20 (3 years upto A.Y 2018-19) issued by National Highways Authority of India (NHAI) or b) Bond redeemable after 5 years from A.Y 2019-20 (3 years upto A.Y 2018-19) issued by Rural Electrification Corporation Limited (REC) or c) Bond redeemable after 5 years from A.Y 2019-20 (3 years upto A.Y 2018-19) issued on or after 15th June 2017 by Power Finance Corporation Limited or d) Bond redeemable after 5 years from A.Y 2019-20 (3 years upto A.Y 2018-19) issued on or after 08th August 2017 by Indian Railway Finance Corporation Limited or e) Bond redeemable after 5 years from A.Y 2019-20 (3 years for A.Y 2018-19) issued by any other authority but notified by Central Government [Applicable from A.Y 2018-2019] within a period of 6 months from the date of transfer of capital asset and such bonds should not be redeemed before 5 years from A.Y 2019-20 (3 years upto A.Y 2018-19) from the date of their acquisition. This benefit cannot be availed in respect of short-term capital gain. Maximum amount of investment in specified bonds cannot exceeds Rs. 50,00,000. Thus, deduction under section 54EC cannot be claimed for more than Rs. 50,00,000.

​​• Profits and gains earned from sale of land or building or both are chargeable to tax under the head "Capital Gain" • In the case of sale of land or building or both, the value determined by stamp duty authorities will be considered as full value of consideration if the following conditions are satisfied – a) The asset transferred is land or building or both. b) Sale Consideration is less than the value as determined by the stamp duty authority for the payment of stamp duty. c) Stamp Duty value exceeds 105% of the consideration received or receivable on account of transfer. [Applicable from A.Y 2019-20]. • For the purpose of valuation, stamp duty valuation shall be considered on the date of registration of the property. Exception - Where the date of agreement fixing the consideration and date of registration are not same, then the stamp duty value will be considered on the date of agreement for such transfer. The above exception will be applicable if – a) Full consideration or part there-of is received by an account payee cheque/draft or by use of electronic clearing system through a bank account. Or through such other electronic mode as may be ​prescribed.​ b) Such amount is received before the date of agreement. c) It is applicable from the A.Y 2017-2018.

Receipts can be classified into two kinds: A) Revenue receipt, B) Capital receipt. Revenue receipts are recurring in nature like salary, profit from business, interest income, etc. Capital receipts are generally of isolated nature like receipt on account of sale of residential building, personal jewellery, etc. ​

Capital asset is defined to include: a) Any kind of property held by an assessee, whether or not connected with business or profession of the assesse. b) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992. However, the following items are excluded from the definition of "capital asset": Any stock-in-trade, consumable stores, or raw materials held by a person for the purpose of his business or profession. E.g., Motor car for a motor car dealer or gold for a jewellery merchant, are their stock-in-trade and, hence, they are not capital assets for them. Personal effects of a person, that is to say, movable property including wearing apparels (*) and furniture held for personal use, by a person or for use by any member of his family dependent on him. (*) However, jewellery, archeological collections, drawings, paintings, sculptures, or any work of art are not treated as personal effects and, hence, are included in the definition of capital assets. Agricultural Land in India, not being a land situated: * Within jurisdiction of municipality, notified area committee, town area committee, cantonment board and which has a population of not less than 10,000; * Within range of following distance measured aerially from the local limits of any municipality or cantonment board: *​ not being more than 2 KMs, if population of such area is more than 10,000 but not exceeding 1 lakh; * not being more than 6 KMs , if population of such area is more than 1 lakh but not exceeding 10 lakhs; or * not being more than 8 KMs , if population of such area is more than 10 lakhs. Population is to be considered according to the figures of last preceding census of which relevant figures have been published before the first day of the year. 6½% Gold Bonds, 1977 or 7% Gold Bonds, 1980 or National Defence Gold Bonds, 1980 issued by the Central Government. Special Bearer Bonds, 1991, issued by the Central Government Gold Deposit Bonds issued under Gold Deposit Scheme, 1999. Deposit certificates issued under the Gold Monetisation Scheme, 2015.​ Following points should be kept in mind : The property being capital asset may or may not be connected with the business or profession of the taxpayer. E.g. Bus used to carry passenger by a person engaged in the business of passenger transport will be his Capital asset. Any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 will always be treated as capital asset, hence, such securities cannot be treated as stock-in-trade. ​