It 112 r 2025

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Section 112 of Income Tax Act deals with long-term capital gains tax on the sale or transfer of assets. Every type of taxpayer is liable to pay capital gains tax on profits earned from long-term assets. The tax rate depends on the nature of the asset sold and its holding period.
The applicable tax rates for long-term capital gain under Income Tax Act, Sec 112, are given below: Listed securities (other than units) held for 12 months are taxable at 10% without indexation. Zero-coupon bonds held for 12 months are taxable at 10% without indexation or 20% with indexation, whichever is lower.
Section 121(a) generally provides, with certain limitations and exceptions, that gross income does not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, the taxpayer has owned and Page 8 8 used the property as the taxpayers principal residence
1.112-1 Combat zone compensation of members of the Armed Forces. (a) Combat zone compensation exclusion(1) Amount excluded. In addition to the exemptions and credits otherwise applicable, section 112 excludes from gross income the following compensation of members of the Armed Forces: (i) Enlisted personnel.
(2) Section 112 (relating to the exclusion of certain combat pay of members of the Armed Forces). (3) Section 692 (relating to income taxes of members of Armed Forces on death). (4) Section 2201 (relating to members of the Armed Forces dying in combat zone or by reason of combat-zone-incurred wounds, etc.).
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You are entitled to claim this nonrefundable credit for the tax year if: you were a full-year or part-year resident of New York State, or a New York State-resident estate or trust, or a part-year resident trust; and.
Section 112 of the Income Tax Act applies to all long-term capital assets. Different tax rates are defined for long-term capital gains on these assets except those covered under Section 112A. Section 112A of the Income Tax Act is the overriding section of Section 112.

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