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Income tax - class-XI
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Manohar sold his house property for Rs. 50 lakhs. This income is chargeable under the head of __________.
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A
Income from Capital Gains
💡 Explanation:
Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head capital gains. Examples of assets are a flat or apartments, land, shares, mutual funds, gold among many others. There are two types of capital gains:
- Short-term capital gain: capital gain arising on transfer of short term capital asset.
- Long-term capital gain: capital gain arising on transfer of long term capital asset.