Capital gains tax should be rationalised; need simpler ITR form for disclosing such income: Experts
Under the income tax law, gains arising on the transfer of capital assets -- both movable and immovable -- are charged to tax under the head 'Capital Gains'. The tax rate is different for different asset classes. Also, depending on the period of holding, the income is classified as short or long-term capital gains and taxed accordingly.
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