Capital Gains

Forums Capital Gains


Question Category : Capital Gains

    • Are my taxes owed on cryptocurrency gains too low? Only 4% o

      I have filed my taxes and the profit I made from daytrading cryptocurrency is only 4% according to TurboTax. I was expecting my profits to be taxed by 15%. I received a 1099-k from the online exchange that I use to trade, but they only included the gross dollar volume traded and the number of trades I made. They didn’t include my initial cash deposits or profit/loss from trading in 2017. I know my profit from the 2017 trading year. I followed the instructions from Turbotax’s site to enter the gains as income from realty/royatlies since the government considers cryptocurrencies property. When I saw the amount owed was only about 4% of my profits I tried to enter it as capital gains from stocks/bonds to see if there would be a difference in the amount owed. It gave me the same number, about 4% of the total of my profits. I am a U.S. citizen, but I have lived and worked in China for the past five years. I pay income tax to the Chinese government, so I apply for Foreign Earned Income Exclusion every year. My income was about $16500 this year. Is this the reason my capital gains are being taxed at a lower rate? Or have I done something wrong?

      Profile photo of Michael Compton Asked By: Michael Compton 1 replies 0 helpful answers Last Updated: 4 days, 8 hours ago
    • Tax on property received as compensation

      Hi all my question is I had purchased agricultural land from a realestate company but they could not deliver it due to some reasons.Instead they have given me a 2 bhk apartment in another project as a compensation, is this compensation taxable and at what rate.Thanks

      Profile photo of Mahesh Dsa Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 weeks ago
    • ULIP surrender and tax implication in 2018

      I had taken ULIP policy in 2004, since then I am paying premium yearly and policy is still in force. I never missed any premium. Policy has completed 14 year. Now if I surrender this policy, what will be the tax implication on the additional amount I am going to receive( other than total premium paid).

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 weeks, 4 days ago
    • Capital Gains Tax on land property payable

      I had purchased a land property in year 2000. Due to marital discord, fearing alimony, I had gifted the same to my sister in year 2015. Does my sister have to pay any income/ capital gains tax on the same? Can this property now be returned/ refused by my sister? I now intend to sell this property. Kindly suggest means to minimize my tax outgo.

      Profile photo of Balaram Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 weeks, 6 days ago
    • Capital Gains Query on Sale of Flat of AY 2017-18

      I did income tax filing thru your company. There was a loss in Flat sale. I have following queries :- 1) In my cost I did not consider few of amounts which I spent for better maintenance of house. Amount which I spent was about two lakhs. This amount I spent on window replacement, Kitchen Work, Painting of house and Wooden Work. Please advise if I can refile my return to increase by Capital losses. Your inputs will be helpful. Thanks.

      Profile photo of Rakesh Khurana Asked By: Rakesh Khurana 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago
    • Amount credited and debited r returned after 5-6 months

      Sum of 5 lacs credited by client who was wishing to purchase my property. But after 3-4 months he canceled his wish and i ve return back that amount after 5-6 months within financial year. Is it taxable to me or credit and debit of same amount between same accounts, will be considered?. Please guide me.

      Profile photo of Shalik Asked By: Shalik 1 replies 0 helpful answers Last Updated: 1 month, 4 weeks ago
    • how to calculate long term capital gain

      DETAILS OF PROPERTY AS UNDER:

      DATE OF PURCHASE……. 04/05/2013 COA= RS 79,00,000/ -( INCLUDES STAMP DUTY OF RS 4,00,000/-)

      DATE OF SALE ……….. 04/09/2017 SALE PRICE= RS 1,05,00,000/-

      I HAVE CALCULATED AS UNDER……..

      INDEX COST OF PURCHASE 272/220X79,00,000= RS.97,67,272/-

      CAPITAL GAIN RS. 7,32,728 ( RS. 2,44,243/- EACH SINCE THE PROPERTY IS IN THE NAME OF THREE PERSONS)

      I WANT TO OPEN THREE CAPITAL GAIN ACCOUNT IN NAME OF THREE JOINT HOLDERS SEPARATELY. PLEASE CONFIRM IF MY CALCULATION IS CORRECT IF NOT PLEASE HELP IN ARRIVING AT FINAL AMOUNT.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months ago
    • Captal Gain on prooerty purchaed on Bayana ( only 10% ) paym

      Mr. A purchased a shop from B for 3,20,000/- in 2008 by giving Bayana Rs. 50000/-and took possession without Registration. In 2017, B sold this shop to MR K with written consent of A for 11.00.000/-by Registering the shop in the name of K. Thus A got Rs. 11,00,000/- on sale of shop by B with consent of A. In this case whether it is short term or long term Capital Gain and amount of capital Gain ?

      Profile photo of Ajay Kumar Mahajan Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months ago
    • Accrual of Tax liability while transferring property right t

      I am an owner of a property and now I want to sell it to my uncle (my father’s own brother) through a Sale-deed. Please tell whether any sort of tax (capital gain or any other) accrues from such transaction or not? Also please tell whether it is a long or short term capital gain (if it is really taxable under capital gains tax system) if I am owning this property since 2008 and now its stamp duty valuation is around 25 lacs?

      Profile photo of Sanjay Agarwal Asked By: Sanjay Agarwal 1 replies 1 helpful answers Last Updated: 3 months, 2 weeks ago
    • What to do if we get an income tax notice

      It looks like for AY: 14-15 and 15-16, one of my relative who happens to be a senior citizen has received an income tax notice for not clearly declaring the equity shares purchase and sales. It looks like he might have missed entries for this. What would be the next steps for him please advise.

      Profile photo of shilpa Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months, 3 weeks ago
    • Which ITR form to be used for NRI for Capital Gain

      Hi, I am an NRI with taxable Indian income only from interest (Savings/FD) & equity (dividend/profit/loss). Which ITR form shall I submit (eg. ITR-1/2). I am a salaried person in Middle-East. If I want to book short term capital loss from equity this FY, which form to be used? Thanks.

      Profile photo of Gaurab Bhattacharya Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 4 months, 1 week ago
    • Virtual Currency (Cryptocurrency/Bitcoin)

      In the simplest way possible, If I buy Bitcoin for $1000 and held it, Lets say it became $2000. Lets say that I sold back $1000 back to FIAT and transferred it back to my Bank. So now I have $1k in BTC and $1k in Fiat. Is the $1K I sold considered taxable?

      Profile photo of George Asked By: George 1 replies 0 helpful answers Last Updated: 5 months, 2 weeks ago
    • What will be the tax impact on balance amount paid as home l

      I had booked a flat in October 2012 and taken a home loan from a bank. The property is under construction till date and it will be completed by March 2019. I am paying EMI for the same. If I surrender the flat and take my money back along with home loan interest I paid from the builder and disburse my loan account, what will be tax impact on balance amount?

      Profile photo of Sushma Asked By: Sushma 1 replies 0 helpful answers Last Updated: 5 months, 3 weeks ago
    • Is capital gain tax exempted from sale of unregistered apart

      My friend has booked one apartment in year 2012 and the construction is still going on. It will be completed by January 2018. He has not registered this apartment and will be doing the same in January 2018. He has taken home loan for this apartment in 2011 itself and now he is planning to sell one ground (plot) now and pay this amount for home loan. Will the capital gain tax exempted for this sale amount or will he have to pay the tax? If he is required to pay the tax, are there any other options like bonds to invest and avoid the tax?

      Profile photo of savita Asked By: savita 1 replies 0 helpful answers Last Updated: 7 months, 2 weeks ago
    • Refund indexation benifits for gold etf

      I am NRI. I have sold GOLD ETF. TDS was deducted at 23.64 % by PMS account. For GOLD ETF what is tax rate? Is it 20% with indexation? In my case TDS was deducted without consideration of indexation. How can I get refund for it?

      Profile photo of sanjay Asked By: sanjay 2 replies 0 helpful answers Last Updated: 9 months, 2 weeks ago
    • Whether any sort of Income Tax accrues or not?

      I got a property (our dwelling house at my home-town) from my father in the year 2007. Now I want to transfer it again to my father through a Gift-deed and subsequently my father will transfer it to one of my Uncles through a Gift-deed with in 7 days after receiving it from me. Now I want to ask you whether this whole procedure attracts any sort of Income-Tax or not? Does Capital Gains Tax is applicable here in both the transfers? Also please tell if any tax accrues in case my father and my uncles transfer a different property to me through Gift-deed along with the above transfer at the same moment?

      Profile photo of Sanjay Agarwal Asked By: Sanjay Agarwal 3 replies 1 helpful answers Last Updated: 10 months, 2 weeks ago