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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'?
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Practice Questions
1 question
Q1
Which of the following is a taxable income under the head 'Capital Gains'?
Sale of a residential house
Gifts received from relatives
Interest on savings account
Salary from employment
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Sale of a residential house is considered a taxable income under the head 'Capital Gains'.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is a taxable income under the head 'Capital Gains'?
Solution:
Sale of a residential house is considered a taxable income under the head 'Capital Gains'.
Steps: 4
Show Steps
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'.
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