Capital Gains Tax (India)
Definition
Tax on the profit from selling a capital asset such as property, shares or mutual funds in India. Gains are classified as short-term or long-term based on a holding period that varies by asset, with different rates and indexation rules.
Related Terms in India GST
Indexation
A method of adjusting the purchase cost of a long-term capital asset for inflation using a notified cost-inflation index, so that only the real gain is taxed. Its availability depends on the asset class and the rules in force.
PAN (Permanent Account Number)
A ten-character alphanumeric identifier issued by the Indian Income Tax Department to track a taxpayer's financial transactions. It is required for filing returns, high-value transactions, and most TDS and GST interactions.
Section 139 (Return Filing)
The provision governing the obligation and due dates for filing income-tax returns in India, including who must file, belated returns, revised returns and updated returns, each with its own time limits and conditions.
Belated Return
An income-tax return filed after the original due date but within the extended limit allowed by law in India. A late-filing fee and interest may apply, and some losses cannot be carried forward if the return is belated.
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