Which of the following is a taxable income under the head 'Capital Gains'?

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Question: Which of the following is a taxable income under the head \'Capital Gains\'?

Options:

Correct Answer: Sale of a residential house

Solution:

Sale of a residential house is considered a taxable income under the head \'Capital Gains\'.

Which of the following is a taxable income under the head 'Capital Gains'?

Which of the following is a taxable income under the head 'Capital Gains'?

Step 1: Understand what 'Capital Gains' means. It refers to the profit made from selling an asset.
Step 2: Identify the type of asset being sold. In this case, it is a residential house.
Step 3: Determine if the sale of the residential house results in a profit. If you sell it for more than you bought it, you have a capital gain.
Step 4: Recognize that this profit from the sale of the residential house is considered taxable income under 'Capital Gains'.

No concepts available.