New answers tagged capital-gains-tax
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Capital gains are taxed at 10% for short term and 20% for long term (holding more than a year).
The taxes are applicable if overall taxable income is above taxable threshold. I.e if you are only making say Rs 2,50,000 Including capital gains, no taxes...
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I've never heard of an expat getting nailed for this, but...
Technically the earlier response is incorrect. If you get paid in a foreign currency and it's worth, say US$100 at the time, then ANY WAY in which you get rid of that currency you are technically supposed to consider that a "sale". If you acquire, say, British pounds worth US$100, and then a month ...
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The Fidelity LTCG label doesn't make sense. The holding period for a long term capital gain is a year and a day. Furthermore, if the holding period spans February 29, it adds an extra day to the holding period.
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As far as I can tell, you should be OK (but I am not a financial or tax advisor; this is neither financial or tax advice!)
According to the Tax on foreign income page on GOV.UK (emphasis mine):
Residence and capital gains
You work out your residence status for capital gains (for example, when you sell shares or a second home) the same way as you do ...
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Check with CA. There have been quite a few changes in capital gains laws of shares, generally you can offset the capital loss with capital gains in same category.
So you may not be able to offset the loss against dividend income
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It is not a matter of choice. Once you enter the loss on your tax return, the instructions require you to compute your tax in a specific way. You only carry forward net losses in excess of $3,000. To carry forward anything else you would have to violate the instructions. And to omit the loss and try to claim it next year would also not work because the sale ...
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After someone dies, the property may receive a step up in basis. If this is the case, the capital gains tax would be based on the difference between the value at the time of death and the sale price.
This is not tax advice and the rules could change between now and then, so be sure to talk to a tax professional.
https://www.investopedia.com/terms/s/...
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