What is Capital Gains
When I sell an asset of mine, there’s a gain (or even loss) over its cost, that’s called capital gains. Simply said, it is what I get (Sales) less what I paid for it (Cost).
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Capital Gains-Objectives
The objective of this module is to have a somewhat better understanding of what and how is covered under the Capital Gains category of income. So we intend to go the following learning steps: What is Capital Gains What’s an Asset Varieties of Capital Gains-The Long Term and the Short Term How do we work
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Income from Other Sources- Conclusion
We introduced ourselves to what comes under Income from Other Sources, some typical varieties of incomes covered in it
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Variety The Lottery/Winning from Games
All winnings from any games, lotteries, horse races and similar things I gain are taxed here.
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Variety family pension
If I am getting a family pension, I need to put it here, it is not to be included in the category salary or pension income. I get a benefit or deduction of one third of what I get similar to standard deduction under salaries (max being Rs.15000)
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Variety Dividends on Shares
From the financial year 2020-21, dividends on shares are now taken as income in my hands. So in Financial Year 2019-20, it’s the below para. This is a change from the change made few years back when dividends on stocks that I got were not counted as income upto Rs.10 lac per year for me.
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Typical income types under Other Sources
-Variety Dividends on Shares -Variety Interest -Variety Family Pension -Variety Gifts -Variety The Lottery/ Winnings from Games
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What is Income from Other Sources
As the name suggests, this covers any and everything that I earn under the sun (and the clouds) that doesn’t come under any other category. So this is really a residuary head.
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Income from Other sources-Objectives
Objective: The objective of this module is to grasp what is called the income put under the category ‘Other Sources’. We will go through this on following lines: What is Income from Other Sources Typical income types under Other Sources -Variety Dividends on Shares -Variety Interest -Variety Family Pension -Variety Gifts -Variety The Lottery/ Winnings
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How do I know my salary
My employer is required to issue me a salary certificate in Form 16 every year if my salary exceeds taxable limits, or where my tax has been deducted on salary. So this will spell out what my salary is, and I just take this for the purpose of my tax return. If somehow I am
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