Latest Tax News & Updates Tax Article

EXEMPTIONS FROM CAPITAL GAINS UNDER INCOME TAX ACT

EXEMPTIONS FROM CAPITAL GAINS The Income-tax Act permits a capital gains tax exemption if the proceeds from the sale, or capital gains, as applicable, are used to purchase specific new assets. These exemptions are offered according to the following sections : 1. Section 54: Exemption from the capital gains arising from the transfer of residential […]