A loss from selling a capital asset is called a capital loss. It isn’t completely lost; you can still use it to offset gains from other assets and reduce your tax liability. There are specific rules which apply to set off and carry forward these losses. Set Off of Capital LossesThe Income-tax Act,1961 does not allow loss under the head capital gains to be set off against any income from other heads – this can be only set off within the ‘Capital Gains’ head.Type of Capital LossCan be Set off Against Long-Term Capital Loss (LTCL)Only Long-Term Capital Gains (LTCG)Short-Term Capital Loss (STCL Both Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG)Carry Forward of LossesIf you are not able to set off your entire capital loss in the same year, both short-term and long-term loss can be carried forward for 8 assessment years immediately following the assessment year in which the loss was first computed. Here’s a very easy guide that explains how you can add your previous year’s losses to your IT Return on cleartax.in.Let’s try to understand this with the example belowDuring the FY 2025-26, Mr Chetan has the following income and brought forward losses: ParticularsAmountShort-term capital gains on sale of shares1,75,000Brought forward Long-term capital loss of FY 2024-25-96,000Short-term capital loss of FY 2025-26-42,000Long term capital gain u/s 11285,000What is the capital gain taxable in the hands of Mr. Chetan for the AY 2026-27?Solution:ParticularsAmountAmountShort-term capital gains on the sale of shares1,75,000 Less: Short-term capital loss of the FY 2025-26(42,000)1,33,000Long-term capital gain85,000 Less: Brought forward long-term capital loss of FY 2024-25 of Rs. 96,000 set-off to the extent of Rs.

Section 45 of the Income-tax Act, 1961, is the charging section for capital gains, establishing the liability to pay tax on income generated from capital gains. This provision defines the scope and conditions under which such gains are taxable. In this article, we will discuss the chargeability of capital gains in detail.Overview of Section 45Section 45 of the Income Tax Act, 1961, governs income tax on capital gains arising from transferring a capital asset. It provides that any profits or gains arising from the transfer of capital assets shall be chargeable under the head capital gains in the year in which the transfer took place.Important Terms to Understand1. Definition of Capital Assets:A capital asset includes property of any kind held by an individual, whether or not connected with their business or profession.

Section 50AA of the Income-tax Act, 1961 lays down the tax treatment for capital gains arising from Market-Linked Debentures and specified mutual funds. This guide explains Section 50AA, its applicability, capital gains computation rules, and the tax implications for investors.Market-Linked DebenturesA Market-Linked Debenture is a type of security where the returns are not fixed, but are instead linked to the performance of a market index or an underlying asset. It is a debt security, the returns on which are linked to the market returns on other underlying securities or indices. These securities are classified and regulated by SEBI. Specified Mutual FundA Specified Mutual Fund is a mutual fund with not more than 35% of its total proceeds (capital) invested in the equity shares of domestic companies. To determine whether a fund qualifies as a Specified Mutual Fund, the percentage of equity shareholding must be computed using the annual average of the daily closing figures of the fund’s equity investments.Classification of Capital GainsCapital gains are the gains that arise when a capital asset is transferred.

When owning a property in Kolkata, the property tax is an important obligation administered by the Kolkata Municipal Corporation (KMC) that you must follow. You must pay the property tax to the KMC, irrespective of your property type, like residential, commercial, or industrial properties.Hence, understanding the calculation and payment of property tax is necessary for avoiding any penalties. In this article, we will discuss how to pay property tax in Kolkata.What is KMC Property Tax?KMC Property Tax is the tax levied by the Kolkata Municipal Corporation on the real estate properties in Kolkata which serves as a key revenue source for essential local services such as waste management and infrastructure development. The tax applies to residential, commercial, industrial, institutional, and vacant properties, with the amount calculated based on the Annual Valuation (AV) of the property using a tiered structure.Process of KMC Property Tax CalculationIn March 2017, the Kolkata Municipal Corporation passed the new Unit Area Assessment (UAA) scheme for KMC property tax calculation. It enables the property owners in Kolkata to calculate their property tax themselves.

The Municipal Corporation of Rajkot, a city in Gujarat, provides essential facilities related to infrastructure in the city. The taxes collected from property owners are the major source of revenue for the government. The amount is then further used for the development of facilities in the city, making it easily accessible for the citizens.  Continue reading this blog to gain detailed insights about RMC property tax payment, how to pay online, and offline, and more.  What Is RMC Property Tax?Property taxes are an important source of revenue for local municipal bodies in India. Similar to other cities, the property owners in Rajkot are responsible for paying property taxes annually to the Rajkot Municipal Corporation (RMC). RMC property taxes are the taxes levied by the Rajkot Municipal Corporation.

Property tax (or house tax) is a fee every property owner pays to the municipal body to maintain services including, parks, roads, sewage. In Nashik, this tax is collected by the Nashik Municipal Corporation (NMC) and applies to both residential and commercial properties. Continue reading this blog to gain detailed insights about Nashik Municipal Corporation property tax and more. How to Pay Property Tax Online in Nashik?Here is a detailed step-by-step guide to follow about how to pay property tax online in Nashik:Go to the official website of the Nashik Municipal Corporation. Scroll down,  and select the ‘Property Tax Department’ located on the e-services part of the home page.Provide the 8-digit index number and then click on 'Submit'. If you have an index number with 7 digits, make sure to enter '0' after the third number.You will be redirected to the Nashik property tax demand details page. This page will display all detailed information about the Nashik Municipal Corporation property tax.Once you enter all detailed and accurate amounts, click on 'Pay Now'.

Property owners in Kalyan-Dombivli must pay property tax to the Kalyan Dombivli Municipal Corporation (KDMC) to support civic development and municipal services. This guide covers KDMC property tax payment, calculation methods, due dates, exemptions, and other essential details.What Is KDMC Property Tax?If you are residing in the twin city of Kalyan Dombivli or if you are a property owner in Kalyan Dombivli you will be liable to pay your property taxes to KDMC. The KDMC property taxes are the prime source of funding for development, maintenance, and the provision of various other public services to the residents.KDMC has made the payment of municipal taxes convenient, simple and quick by introducing an online payment portal. It allows residents to pay their municipal taxes right from the comfort of their homes.How to Calculate Property Tax in KDMC?There are several methods of calculating KDMC property taxes for various types of property such as Unit Area System, Capital Value Method or self-assessment. However, the Unit Area System is the most commonly applicable for the majority of the residents, here is the formula listed below:KDMC Property Tax = Built-up Area × Age Factor × Base Value × Building Type × Usage Category × Floor FactorNow let us understand what each of them in detail:Built-up Area: Built-up area is the total area of the property.Age Factor: It refers to property age based on its year of construction.Base Value: Base value simply refers to the total property value that the taxpayer makes before taking the approval of the Urban Renewal Plan.Building Type: It states whether the building is self-occupied or in rent.Usage Category: It states the use of the building, such as it can be for commercial purposes or for residential purposes.Floor Factor: This states whether the building is a single-story or a multi-story.How to Pay KDMC Property Tax Online?Here are the steps guiding you for KDMC property tax payment online:1.

Property owners in Warangal are required to pay property tax to the Greater Warangal Municipal Corporation (GWMC) for civic infrastructure and municipal services. This guide covers GWMC property tax payment, tax calculation, due dates, exemptions, and other important details.What Is GWMC Property Tax?The Greater Warangal Municipal Corporation (GWMC) is the administering authority in the Greater Warangal region and is responsible for the development and maintenance of infrastructure in the city. The prime source of income for GWMC is majorly from the collection of property taxes for residential and commercial property owners.Moreover, GWMC has now made payment of property taxes more simple and convenient by introducing online payment facilities. This allows residents to pay their property taxes right from the comfort of their homes.How to Calculate GWMC Property Tax?Let us understand the calculation procedure of GWMC property tax through the official online portal. Here is the step-by-step guide:Navigate to the official GWMC online portal and click on “Our Services” from the dropdown.Then simply click on the "Property Tax" option and click on Proceed to calculate your property tax.Now you will have to enter several property details such as house number, age of building, occupancy status, nature of construction etc.After filling out all the necessary details click on the "Submit" option to calculate your GWMC tax.How to Pay GWMC Property Tax Online?Here are the steps guiding you to pay your GWMC property tax online:Step 1: To start with, navigate to the official website of the Greater Warangal Municipal Corporation (GWMC).Step 2: Navigate to the 'Pay Property Tax' option under the EDOB services section.Step 3: Now a new interface will appear on your screen where you need to enter either your 'House Number' or 'Assessment Number' in the appropriate fields.Step 4: The next page will display your payment status.

Paying property tax is an essential responsibility for property owners, including residents covering Greater Hyderabad Municipal Corporation. The revenue which is collected  is utilized in urban development, infrastructure maintenance and vital civic services, helping in improving the overall quality of life in the city. What is GHMC Property Tax?Greater Hyderabad Municipal Corporation or GHMC collects house and property tax from the people of Hyderabad. The state government makes the highest portion of their income from the amount of property tax paid by the citizens of this area. In addition, the municipal bodies use these funds to uplift the city’s standard of living through well-maintained public amenities.Every year, you must pay property tax irrespective of the use, such as using it for residential or commercial purposes. For having a residential property used by you or for letting it out to other people you are liable to pay tax every year, levied by the state government.

Property owners in Mumbai must pay Brihanmumbai Municipal Corporation property tax to support civic services and stay compliant with municipal rules. This guide explains BMC property tax payment online, how to check your property tax bill, calculation methods, due dates, and other important details.What is BMC Property Tax?The BMC property tax is an annual charge determined by several factors, including the property's location, type, age, usage, and the area it falls under. Every year, BMC assesses these elements to calculate the tax amount that property owners must pay. To avoid penalties, fines, or legal action, property owners must make the payment on or before the specified due date.How to Calculate BMC Property Tax?The BMC property tax payment calculation is done using two main methods which are as follows:1. Rate Value Method (RVM)The RVM calculates property tax based on the annual rental value or deemed rent, which depends on factors like the property's location, usage, and type of construction.